A single Dogecoin account is worth $ 2 billion in assets

Dogecoin may have started out as a joke, but one of its owners is sitting on some serious dough.

A single cryptocurrency account holds the meme-inspired coin, valued at approximately $ 2 billion, the price of which was skyrocketed by celebrities like Elon Musk, Snoop Dogg, and Gene Simmons.

The account holds about 36.8 billion Dogecoins – a huge stash that accounts for more than 28 percent of all coins currently in circulation, according to the cryptocurrency data website Bitinfocharts.

The treasure was worth around $ 1.9 billion at Dogecoin opening price of 5.2 cents on Wednesday, but its value would have skyrocketed from around 8.7 cents to $ 3.2 billion at last week’s record high, CoinDesk data shows.

The account holder’s identity is a mystery as cryptocurrency markets offer users such a high level of anonymity, according to the Wall Street Journal, which first covered Dogecoin net worth on Wednesday.

A single cryptocurrency account contains approximately $ 2 billion worth of Dogecoin.Yuriko Nakao / Getty Images

“I doubt anyone has done any serious blockchain research on Dogen,” Chris Bendiksen of London-based wealth management firm CoinShares told the newspaper. “I can’t even believe we’re having this conversation.”

Researchers told the Journal that the account could belong to an exchange that trades Dogecoin, or to the groups and individuals who run the software that powers it.

There’s an odd feature in the account’s public transaction book – it has received nearly two dozen payments for 06/28/1971 Dogecoins in the past week. The number resembles Musk’s birthday – June 28, 1971.

Billionaire Tesla boss drove up the price of Dogecoin by tweeting jokes and memes on Twitter. He took on a more serious tone this week when he urged “big Dogecoin holders” to sell their holdings.

“Too much focus is the only real problem,” he said. “I’m literally going to be paying actual $ if they just cancel their accounts.”

But the massive account likely won’t come from Musk, according to the Journal. The newspaper noted that anyone can send any amount of Dogecoin – such as one commemorating Musk’s birthday – to a publicly listed address.

Comments are closed.