This warning of his has once again come to the center. A report states that a Dodgecoin whale account has billions of reserves of this currency despite its decline. The dodgecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L holds about $12 billion (about Rs 8,752 crore) of it.
Bitinfocharts data According to Dogecoin “whale” first bought this cryptocurrency on 6 February 2019. At that time it was trading at $0.0018 (about Rs 0.13). This holder now holds about 3,671 million Dodgecoins, which is 28 percent of the total supply of this cryptocurrency.
When the market crash started two weeks ago, the total value of this asset was $22 billion (about Rs 16,046 crore). CoinMarketCap At the time of writing the news, Dodgecoin was trading at $0.34 (approximately Rs.23).
In February this year, Musk tweeted that he would fully support investors if they sold most of DodgeCoin’s holdings. He said that the abundance of this currency is the main matter of concern.
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021
He also said that if the accounts of the investors become completely empty, then I am ready to pay them in dollars for the same.
I will literally pay actual $ if they just void their accounts
— Elon Musk (@elonmusk) February 15, 2021
In the field of finance, “whale” refers to an entity that can influence the market of an asset by initiating a large number of transactions. The only problem that arises with whale accounts is that they can very easily influence the market if they start selling their Dodge assets.
Whales will have to consider Elon’s ultimatum here.
If they comply, #dogecoin becomes the currency of the internet.
If they don’t, or “cheat” by distributing their coins across multiple wallets, then it loses Elon’s endorsement.
Easy decision for the whales. Do the right thing
– ???????????? (@itsALLrisky) February 15, 2021
That’s not why it tanked. There was a massive WHALE sell worth 100s of millions of doge coin which was accompanied by mass panic sell by regular holders. He just took advantage of the situation and people’s emotions. This was expected. Doge will rise again for sure. HODL ????? ???? pic.twitter.com/3VUJ597tik
— Goodboi DOGE (@dogeonluna) May 9, 2021
The rounds of speculation have started regarding this whale account. Many people have also said that Musk may be the only person who can have this account.
What if @elonmusk is the mysterious bitcoin whale who bought $100 million worth last night? But he can’t tweet about it, so he talked up Doge instead.
— Ethereum West (Not-A-Security) (@EthereumWest) April 2, 2019
Dogecoin was launched in 2013. The image of a Shiba Inu dog has been used in its logo. It was created by Billy Marcus and Jackson Parker. At that time it was launched as a joke to pay traditional banking fees. Its price in that period was $0.000232 (Rs 0.017).