A Mysterious Dogecoin Whale Lurks

Dogecoin ($DOGE) has certainly made a tremendous run over the past month — jumping from $0.07 to its all-time high of over $0.73 apiece.

The meme inspired cryptocurrency gained traction earlier this year following several tweets from Elon Musk. But the business magnate ultimately went with Bitcoin ($BTC) as his cryptocurrency of choice for Tesla’s ($TSLA) treasury.

His main gripe with $DOGE is the fact that too many “whales” are sitting on large positions. As it turns out, the top holder currently owns 28% of the cryptocurrency’s entire supply.

As reported by Business Insider:

Elon Musk warned in February that the biggest risk facing dogecoin is it’s extreme concentration among just a handful of digital wallets.

That warning is back in focus following dogecoin’s more than 12,000% year-to-date rally, as the top holder now owns $22 billion worth of the meme-inspired cryptocurrency, according to data from Bitinfocharts as of Friday afternoon.

Dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L first began buying the cryptocurrency on February 5, 2019 when it was trading at $0.0018 per coin, and currently owns 36.7 billion dogecoins. Dogecoin is up 34,567% since that first purchase back in 2019, with it currently trading at $0.62.

“If major Dogecoin holders sell most of their coins, it will get my full support,” Musk said in a tweet on Valentines day. “Too much concentration is the only real issue imo . I will literally pay actual $ if they just void their accounts.”

The top 100 dogecoin addresses own 67% of the total 129.5 dogecoin supply, currently worth more than $53 billion at nearly 87 billion dogecoins. And 450 dogecoin addresses own more than $10 billion worth of the cryptocurrency.

Read the full article at markets.businessinsider.com.

It’ll be interesting to see how things play out with Dogecoin. At writing, the cryptocurrency is trading near $0.48. Do the whales believe $DOGE can make another move higher? Only time will tell.

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