On-Chain Analyst Says Musk Owns Most Dogecoin (DOGE)

According to on-chain specialist Lookonchain, Elon Musk may be the biggest holder of Dogecoin, controlling it through the address “Robinhood.”

In a discussion, the analyst asserts that the millionaire owns Dogecoin’s biggest holding address, “Robinhood.” In addition, he asserts that the address got 41 billion DOGE from five addresses over the course of three days in July.

The wallet address “DH5ya,” formerly believed to represent Musk’s wallet, accumulated meme coins until February 10, 2021. 

Over the years, the CEO of Tesla and co-founder of Dogecoin have explored the project’s potential as a currency on social media channels.

Musk’s support often accompanies a price increase in the meme coin, giving rise to the “Musk-Doge Effect.” The analyst claims that on April 28, when Musk tweeted about his planned appearance on Saturday Night Live with the hashtag “The Dogefather,” the stated address had 28% of the entire supply of DOGE.

In addition, the researcher claims that the transfer of meme coins to the mentioned wallet corresponds with Musk’s birthday.

Dogecoin, perhaps the first meme currency, was a bitcoin fork whose popularity grew as DogeFather Musk increased its social media following. Its price has fluctuated between $0.124369 and $0.137207 during the last 24 hours, making it the eighth biggest cryptocurrency by market cap.

The expert further claims that Musk buys the drop and sells the hype by noting, “he always transfers a substantial number of DOGE prior to the price of Dogecoin rising.” He is the biggest Dogecoin market maker!”

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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