The WHALE: Who Really Owns $12 Billion Of The World’s Dogecoin?
By John McSwiggan , June 7, 2021
Since 2019, 28 percent of the world’s entire dogecoin supply can be traced back to one address, DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.
The Truth Behind The Billion Dollar Address
The meme-inspired cryptocurrency had been gaining a lot of interest, especially after Tesla CEO Elon Musk shared his support for it. With dogecoins increasing in popularity, there are a lot of speculations as to the real identity of the world’s largest dogecoin holder.
However, a report from Business Insider reveals that the account might not belong to a single individual. Rather, the media outlet claims that it might belong to a cryptocurrency exchange.
In an interview with a dogecoin core developer, Patrick Lodder, he believes that the account serves as a cold storage wallet. Lodder explains that a cold storage wallet acts as a vault. This allows holders to transfer their doge from the server for safekeeping.
Still No Clues
Lodder argues that this might explain why there is a lot of money coming into the address and why it rarely sells. According to reports, the last time that the account made a sale was back in April of 2021. At that time, it sold over $100 million of dogecoins.
In addition, the dogecoin developer clarifies that since it is public, the money coming into the address does not provide enough clues as to who the account holder is. In fact, just last week, someone sent 420.69 dogecoins to the address. Lodder claims that the money might come from someone who wants to poke fun at the situation.
On the contrary, Noelle Acheson, CoinDesk’s head of research, disagrees with Lodder’s opinion. Acheson argues that the lack of sale from the address indicates that the account holder is not a cryptocurrency exchange. He noted that this might belong to an individual.
Others even speculate that the person behind the $12 billion accounts is no other than Elon Musk. Recently, the Tesla CEO proves that he can have a significant influence on the value of dogecoin. Last month, the value of doge coins rose to 30 percent. The news came after Musk referred to the cryptocurrency in his SNL stint. He even calls himself the “dogefather.”
As of today, experts continue to argue the identity of the world’s largest dogecoin holder. Lodder shares that the only way to know who the real person is if they show cryptographic proof. The dogecoin developer also warns about people making assumptions as to the person behind the infamous address.