The largest Dogecoin holder in the world today transferred 3.84 billion DOGE, worth $280 million, to another Dogecoin address. It is unknown who the address belongs to, but there is a lot of speculation that it is Elon Musk.
Largest Dogecoin holder owns 25% of all DOGE
Dogecoin is currently having a rather disappointing week. In the past seven days, the DOGE price has fallen by about 15 percent. The price drop was sparked again yesterday after a poll on Twitter revealed that Elon Musk is about to step down as CEO of Twitter.
Perhaps that is why it is all the more striking that the largest Dogecoin investor today transferred 3.84 billion DOGE, worth $280 million, to another address. This address is the fifth largest DOGE address.
It is also noteworthy that this is the largest one-day transfer since the creation of the aforementioned Dogecoin address. According to BitInfoCharts data, the largest address owns more than a quarter of all DOGE tokens (25.24%). The fifth largest address still owns 2.8% of all DOGE tokens.
After people on Twitter noticed the transaction, rumors immediately resurfaced that Elon Musk could be the man behind the transaction. However, there is currently no hard evidence that this address belongs to Elon Musk.
There are some speculations pointing to this. In addition, the rumor that Musk is the largest Dogecoin owner in the world has been circulating in the crypto world for quite some time. The speculation has even led Elon Musk to take the case to Manhattan federal court.
In June, investors filed a lawsuit alleging that Musk and his companies Tesla Inc, SpaceX and Boring Co. manipulated the Dogecoin price. The lawsuit seeks $258 million in damages.
Evidence that Elon Musk is the largest Dogecoin owner in the world
A look at the BitInfoCharts Rich List reveals that the richest DOGE address has been assigned to US trading platform Robinhood. However, there are doubts about this. Crypto addresses on exchanges are characterized by the fact that there is a constant inflow and outflow. However, the mysterious DOGE address shows very atypical behavior. This raises doubts as to whether it really is a Robinhood address.
That is why the on-chain analysis service “Lookonchain” conducted a study in early November into the origin of the largest Dogecoin address. The analysis revealed that the largest whale acquired the token in bulk between July 19 and July 21. In total, it involved 41 billion DOGE, which was worth $6.4 billion at the time.
The Dogecoin of the current largest address comes from five different addresses. Most of this came from an address previously believed to belong to Elon Musk. That address ended his Dogecoin accumulation one day before Elon Musk tweeted that he bought Dogecoin for his son.
Another clue is the amount of Dogecoin that one of the addresses bought in February 2021. This was three times 28.061971 DOGE. Coincidentally, June 28, 1971, is Elon Musk’s birthday.