Elon Musk said that Dogecoin’s biggest problem was its concentration between a few whales in a tweet in February 2021. He is a billionaire wroteIt was:
I will support any major Dogecoin holder who sells most of the coins. I believe too much concentration is the real problem. If they void their accounts, I’ll literally fork out $.
What if Elon Musk is actually the biggest of all DOGE whales. The rumor circulated in crypto circles for a while. However, no conclusive proof has been presented to support this rumor.
The Federal Court of Manhattan is required to address the matter of Musk manipulating the DOGE price. For $258 million, investors sued Musk for compensation.
Tesla’s CEO and other defendants, including Tesla Inc, SpaceX and Boring Co, are alleged to have operated a Ponzi scheme to manipulate Dogecoin, according to the lawsuit.
Musk was responsible for causing the Dogecoin price to soar by over 36,000% in two years. The lawsuit claims that the market crashed later. In this way, the defendants “made tens of billions of dollars, knowing all along that the currency had no intrinsic value and that its value depended solely on marketing”.
Clues that Elon Musk is the Dogecoin Whale
At least it is obvious that Musk’s tweets regarding Dogecoin cause hysteria, sending the price skyrocketing. However, it is still unclear if Musk actually controls the DOGE’s largest supply address (which holds 28.52%) and is yet to prove his innocence.
The matter has been investigated by an anonymous On-chain Analyst. This is a thread he writes that Bitinfocharts refers to DOGE’s largest address as “Robinhood” – the American trading app.
However, doubts persist that this is true. A May 2021 Business Insider article quotes a researcher who says that the characteristics of cryptocurrency exchange addresses include both inflows or outflows. The mysterious address is unusual for an exchange and raises the question of if it’s really Robinhood.
According to an anonymous analyst, the DOGE was sourced from the source of the whale’s origin. This is why he points out that DOGE’s largest owner acquired it mainly between July 19-21. That totaled 41B DOGE, or $6.4B.
The whale’s DOGE came from 5 addresses, with the skin portion coming from this address: DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.
Remarkably, on February 10, 2021, Elon Musk tweeted that he bought Dogecoin’s for his son. At the same day, the previously mentioned address beginning with “DH5ya” ended its DOGE accumulation, the anonymous analyst states. A coincidence?
Dogecoin bought for Little X. He can now be a Toddler Hodler
— Elon Musk (@elonmusk) February 10, 2021
At that time, the address “DH5ya” held 36.71B DOGE, which corresponded to 28% of the total supply.
Another interesting coincidence is the amount of DOGE coins the vacant address bought three times in February 2021 – 28.061971 DOGE. Call it coincidence or not, but June 28, 1971, of all dates, is Musk’s birthday – a hidden message?
DOGE Recalls the Rally
Bitcoinist has reported that Musk sent a tweet earlier today showing a Shiba Iu in a Twitter shirt and holding a Twitter pumpkin. DOGE then resumed its massive weekend rally, but stalled at the $0.16 mark. DOGE traded at $0.1389.
