The world cannot stop talking about Dogecoin (CCC:DOGE-USD) right now. At the beginning of the month, you could buy a DOGE token for a nickel. That nickel has turned to a quarter at breakneck speed. And, in the time it took me to get a good night’s rest, the crypto shot through the 40-cent mark. With the crypto appreciating so rapidly in value over the week, Dogecoin whales are once again in the spotlight.
Crypto has its fair share of whales. Due to the dirt-cheap prices at the genesis of a digital coin, gigantic piles of tokens can be bought up for pennies. The three-largest Bitcoin (CCC:BTC-USD) wallets own nearly 8% of the world’s supply of BTC.
With DOGE, these whales are even larger, and their movements are causing huge splashes.
Here’s what you need to know about the Dogecoin whales.
8 Things to Know About Dogecoin Whales Today
- Dogecoin is a crypto with some of the highest concentration of wealth ever.
- In fact, a single DOGE owner possesses a 28% share of the total supply of the coin.
- The 11 largest Dogecoin portfolios contain 46% of the supply.
- The wildly centralized wealth has lead many to hold back.
- Elon Musk, one of the most vocal fans of DOGE, says he can’t lend full support to the coin until some of the top owners sell off their coins.
- DOGE whales accounted for $12 billion in Dogecoin sales in a single day yesterday.
- Many, including Musk, believe that e-trading platform Robinhood possesses the largest Dogecoin wallet.
- Robinhood says that users don’t possess the private keys to their crypto holdings, meaning that Robinhood technically owns all the DOGE traded on its platform. This technicality does provide some evidence for Musk’s speculation.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.