By George Ward
The beginning of this week has seen DOGE’s price underperform, and within the past seven days, its value has dropped by nearly 15%. The current selloff began yesterday after news emerged that Dogecoin’s number one influencer is considering stepping down from his position as the CEO of Twitter.
Largest DOGE Address Moves 3.841 Billion DOGE
In a curious move, the most prominent address containing the meme digital asset is reported to have transferred a massive stash of DOGE worth $280 million to another wallet address on December 20. Notably, the address is the fifth-largest holder of DOGE tokens.
It is worth noting that this transaction is also the most significant transfer of DOGE in a single day since the formation of the address involved. Furthermore, the BitInfoCharts data shows that the largest address holds over a quarter of the DOGE tokens in circulation (25.24%).
In addition, the fifth largest Dogecoin address currently owns 2.8% of all the meme coins’ supply. After Crypto Twitter detected the transaction, speculations began spreading that Elon Musk might be behind this huge move.
An anonymous user stated that the billionaire might be preparing to settle Tesla’s margin call by using the DOGE tokens as collateral. Meanwhile, despite the rumors, there is no evidence to pin down Musk as the owner of the largest DOGE address.
Last June, investors filed a lawsuit against the billionaire, alleging that Musk and his companies had manipulated the price of DOGE. As a result, the claimants seek $258 million in damages from Musk and three of his firms.
Signs That Hints At Musk As The Largest DOGE Holder
Data from BitInfoChart’s list of the largest DOGE address points to the US-based digital asset trading platform Robinhood as the owner. However, observers say this is doubtful.
Crypto exchange’s wallet addresses experience regular inflows and outflows depending on the market situation at a particular time. However, in this case, the DOGE address appears different from the regular wallet, which raises doubt about whether Robinhood owns the address.
At the start of November, LookOnChain, the on-chain analytic platform, investigated the origin of the largest DOGE address. This shows that Dogecoin’s largest whale acquired the asset in vast amounts in July.
The tokens were 41 billion DOGE or an equivalent of $6.4 billion as of the time of the transaction. Meanwhile, the tokens in the current address came from five other wallets, with the largest allegedly coming from an address previously linked to Elon Musk.
Interestingly, the address ended its DOGE accumulation a day after the billionaire tweeted that he had bought Dogecoin for his son. So far, Musk has been identified as the owner of the largest DOGE address. However, new developments may emerge in the coming days.