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News of a dogecoin “whale” owning $ 2.1 billion, or 28% of all dogecoins in circulation, has been circulating in recent days, but the person or entity has not been identified.
A detailed post on Reddit this week argues, however, that the biggest holder of the meme-based token is Robinhood Markets.
The moment Robinhood offered dogecoin trading to its users in July 2018 is in line with the creation of the initial digital wallet used to store the huge token treasure, according to the post on r / dogecoin. The wallet in question was created in June 2018, according to blockchain data tracker Elliptic.
“It almost certainly belongs to Robinhood,” Tom Robinson, chief scientist and co-founder of Elliptic, told Bloomberg. “The time of his creation and the creation of the addresses from which he received funds correspond to the times of Robinhood’s support for dogecoin.”
Many observers were puzzled by the whale’s identity, including Tesla’s Elon Musk. On February 15, Musk said the real problem with dogecoin is its concentration among a few keepers.
“If the biggest Dogecoin holders sell most of their coins, that will have my full support,” said in a tweet. “Too much concentration is the only real problem (in my opinion). I will literally pay $ reais if they just cancel their accounts.”
Internet detectives named Musk as the possible mega-investor, as the account in question received 28.061971 dogecoins on more than one occasion, as the Wall Street Journal reported for the first time. Musk’s followers were quick to point out that the billionaire’s birthday is June 28, 1971.
Musk, meanwhile, is pointing a finger at Robinhood.
On February 17, Tesla’s founder left a brief comment on a Twitter post suspect that the trading application is the largest holder.
Musk replied simply, “It seems so.”
Robinhood the next day, neither confirmed nor denied his ownership. In a tweet, the trading platform said: “We understand that the community wants to get more information about which addresses belong to us and how we operate our wallets.”
But he added: “As with other encryption platforms, for reasons of operational security and to protect customer privacy, we will not confirm which addresses belong to us or not”.
The cryptocurrency, which started as a joke in 2013, recently hit a $ 10 billion valuation, making it more valuable than some well-known names, including Shake Shack and Under Armor.