The world can’t stop talking about it Dogecoin (CCC:DOGE-USD) at the moment. At the beginning of the month you could buy a DOGE token for a nickel. This nickel has turned by a quarter at breakneck speed. And in the time it took me to get a good night’s sleep, crypto shot through the 40 cent mark. With the cryptocurrency appreciating so quickly over the week, Dogecoin whales are back in the spotlight.
Crypto has its fair share of whales. Due to the dirt cheap prices for the creation of a digital coin, gigantic stacks of tokens can be bought for a few cents. The three largest Bitcoin (CCC:BTC-USD) Wallets hold almost 8% of the global BTC supply.
With DOGE these whales are even bigger and their movements cause huge splashes.
Here’s what you need to know about the Dogecoin whales.
8 Things You Should Know About Dogecoin Whales Today
- Dogecoin is a cryptocurrency with the highest concentration of wealth ever.
- In fact, a single DOGE owner owns 28% of the total supply of the coin.
- The 11 largest Dogecoin portfolios contain 46% of the supply.
- The wildly centralized wealth has led many to hold back.
- Elon Musk, one of DOGE’s loudest fans, says he can’t fully support the coin until some of the top owners sell their coins.
- DOGE whales accounted for $ 12 billion in Dogecoin sales in a single day yesterday.
- Many, including Musk, believe the e-trading platform Robin Hood owns the largest Dogecoin wallet.
- Robinhood says users do not have the private keys to their crypto holdings, which means Robinhood technically owns all of the DOGE traded on its platform. This formality provides some evidence of Musk’s speculation.
At the time of this writing, Brenden Rearick held (neither directly nor indirectly) positions in the securities mentioned in this article.
Article printed by InvestorPlace Media, https://investorplace.com/2021/04/dogecoin-whales-8-things-we-know-about-the-monster-doge-holders/.
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