Largest Dogecoin Holder Remains ‘Hodl’ Cryptocurrency Despite Recent Slump
What happened: A mysterious crypto whale known to hold 28% of the existing Dogecoin (CRYPTO: DOGE) the supply saw the value of its holdings drop to less than $ 8 billion in the latest dip.
The wallet address contains 36.7 billion DOGE, which was worth over $ 25 billion in May when the memes-based cryptocurrency hit a price of $ 0.73.
According to BitInfoCharts, the whale has not sold any of its parts at this level.
However, while they didn’t take a profit at the top, they also didn’t sell a DOGE when the price started to drop significantly.
Why is this important: The curious behavior of this Dogecoin whale has sparked the interest of many in the community, who have speculated on the true identity of the largest holder of Dogecoin.
A survey by the Dogecoin community on Reddit has suggested that the address in question is Robinhood Crypto’s cold wallet.
However, CoinDesk’s research manager reportedly said Market insider that the largely dormant activity of the wallet could mean that the whale is not an exchange, but simply an individual.
Read also: “Keep Dogecoin Absurd”, the creator of Dogecoin looks back on his 2014 message
“It would be useful for the Dogecoin community, not even just for DOGE but for all cryptos, if there was a good way to either independently verify that a custodian exchange’s books are in good standing or to have an audit report from a professional firm that does the audit and certifies that everything is fine, ”said Patrick Lodder, lead developer of Dogecoin.
Price action: Dogecoin lost 5.81% overnight and was trading at $ 0.2389 with a trading volume of $ 5.8 billion at the time of publication.
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