A Mysterious Dogecoin Address Absorbed 27% of the Supply, the Top 20 Addresses Captured 50% – Altcoins Bitcoin News


Just recently, the crypto asset dogecoin has seen some significant price gains and on Wednesday, Tesla’s founder Elon Musk tweeted about the digital currency incessantly. While people have been discussing the dogecoin pumps and Elon’s suggestive tweets, crypto supporters have been discussing a single dogecoin address that holds 36 billion tokens or more than 27% of the entire supply.

Dogecoin and the ‘Thickest Wallet’

Dogecoin (DOGE), the meme token that came to life on December 6, 2013, has seen its fair share of market action this year. The token is currently trading for $0.0455 per unit and is down over 8% during the last 24 hours. Dogecoin also touched an all-time high (ATH) seven days ago reaching an ATH of around $0.0791 per unit.

How To Get Free Crypto  

Since then, DOGE has lost 42.15% in value and has a market valuation of around $5.7 billion today. Just recently, the cryptocurrency community has been discussing Elon Musk’s tweets in regard to the meme token. In the midst of all the discussion, a number of people have been talking about one specific dogecoin address that holds over 36 billion DOGE today.

For instance, some individuals talked about the puzzling address when the hip-hop star and rapper Soulja Boy asked his 5.2 million Twitter followers: “bitcoin or doge?”

This dogecoin address holds more than 27% of the DOGE supply today.

This already notorious dogecoin address has been known by onchain-sleuths and shibe researchers for quite some time. The strange address received its first DOGE on December 12, 2019, as nine dogecoins were sent to the address. This was followed by a transaction worth three DOGE and then another two sent shortly after.

Then all of a sudden, on that same day, the perplexing address received over 37 million dogecoin in one transfer. Then it sent a single dogecoin to the address and took a break for the evening. Five days later the address took in 148,727,360 dogecoin and from here on out the address has amassed over 27% of the entire DOGE supply.

Coinbase Banner  

Now it is suspected or there is speculation abound, that the address might belong to Elon Musk. This is because months prior, Musk said to the public that “dogecoin might be my fav cryptocurrency” and followed up with tweets about dogecoin in 2020 and into 2021. All of which is simply circumstantial evidence, and there is no way of knowing who owns the DOGE address without the entity coming forward.

Changpeng Zhao (CZ), the Chinese-Canadian business executive, who is the founder and CEO of Binance, discussed the pros and cons of dogecoin (DOGE) on Thursday. CZ also noted that dogecoin distribution is very concentrated.

“Some pros/risks of Doge. Pros: Cool, fun, PR manager Elon Musk. Decentralized in the sense there [is] no “core team”. It’s abandoned,” CZ tweeted. “Risks: 1 address holds 27% of all DOGE. [The] top 20 addresses hold more than 50%+ of all DOGE. Kinda “centralized” in that sense – ‘abandoned,’” the Binance founder added. Data from bitinfocharts.com’s dogecoin rich list confirms this concentration of DOGE whales.

The Never-Ending Dilution of the Dogecoin Supply

The BTC proponent Pierre Rochard also responded to CZ’s pros and risks tweet on Thursday and said:

The biggest risk with dogecoin is that it does not have halvings, there is never-ending dilution of the doge supply. This makes dogecoin unusable for long term savings. Contrast with [Bitcoin], which successfully had its third halving last year. 1 BTC = 1/21 million BTC, no dilution.

Dogecoin since it was created was supposed to be meant for fun, and the founders explicitly explained that it was different from other coins born at that time-period. However, the token has been susceptible to its fair share of pumps and dumps over the years. Temporarily, back in 2014 for a small period of time, DOGE trading volume was larger than BTC’s and all the other crypto volumes.

FreeBitcoin Banner  

Despite this action in 2014, the market valuation at the time was much lower (still is) and the dogecoin supply is also much higher. At the time of publication, there is approximately 128,247,988,881 DOGE in existence, which is huge compared to other capped supplies.

Still, dogecoin is up 330% during the last month and against BTC it is up 319% over the last 30 days. 90-day stats show DOGE has gained a whopping 1,589.72% and yearly stats against the U.S. dollar shows dogecoin has gained 1,598.10%. Despite the massive gains, the 128 billion DOGE in circulation, the concentration of whales, and the mysterious address that holds 36 billion dogecoin, may make investors steer clear of this meme-based crypto asset.

What do you think about the concentration of dogecoin whales and the address that holds more than 27% of the dogecoin supply? Let us know what you think about this subject in the comments section below.

Tags in this story
altcoin Doge, Altcoins, billions, Bitcoin, BTC, Changpeng Zhao (CZ), Concentration, Doge, DOGE whales, dogecoin, dogecoin address, Elon Musk, elon musk doge, Meme Token, Pierre Rochard, Single Address, Supply, Whales

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Go to Source
Author: Jamie Redman

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.