The largest whale on the network of the meme-inspired cryptocurrency Dogecoin ($DOGE), has recently moved over $280 million in the cryptocurrency to a new address, that has since become the 5th largest one on the network.
Dogecoin’s largest address, known for at one point holding 28% of the meme-inspired cryptocurrency’s circulating supply, has been tagged on explorers as belonging to the commission-free trading platform Robinhood (NASDAQ: HOOD).
The cryptocurrency community identified the address as belonging to Robinhood through an investigation conducted after Robinhood showed off its external wallet feature by sending a specific amount of DOGE. At the time, Robinhood’s Chief Operating Officer Christine Brown revealed on Twitter the firm is working on transferring funds into external wallets and shared a screenshot showing a 420.71 DOGE transaction minus a 0.02 DOGE fee.
DOGE-dedicated Twitter account Mishaboar then used that transaction to identify both the wallet sending and receiving DOGE, which belongs to Robinhood. Looking at the history of the sender’s address, Mishaboar found a wallet address seemingly belonging to Rohinhood that received a large amount of funds from the mysterious whale account.
If the whale is indeed Robinhood, then the address is simply their cold storage wallet, where user funds are kept. As Mishaboar put it, this would mean that a large portion of DOGE’s supply isn’t held by one whale who can crash the market, but rather by thousands of retail investors who bet on the cryptocurrency.
Others, however, speculate the wallets belong to Tesla, Twitter, and SpaceX CEO Elon Musk. Musk has said DOGE is his favorite cryptocurrency and has promoted it on social media while adding it as a payment option for Tesla merchandise.
On-chain analysis service Lookonchain has shared data suggesting Musk is behind the whale address, as the whale added large amounts of tokens at times that coincided with Elon Musk’s tweets about the cryptocurrency.
It’s worth noting that these inflows could also be related to $DOGE holders moving their funds to Robinhood to trade the cryptocurrency based on Musk’s words, as he has been known to move the cryptocurrency’s price.
As reported, Search interest for the meme-inspired cryptocurrency exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Interest in DOGE has since waned amid a wider cryptocurrency market downturn. Nevertheless, the cryptocurrency’s market cap has recently surpassed that of Nasdaq-listed cryptocurrency exchange Coinbase.
Featured Image via Unsplash