Elon Musk Is the Largest Dogecoin Holder, Claims On-Chain Analyst

Elon Musk Back To Promoting Doge as a Payment Method for New Cologne

On-chain analyst Lookonchain claims that Elon Musk could be the largest holder of Dogecoin, controlling it through the address “Robinhood.”

In a thread, the analyst claims that Dogecoin’s largest holding address, “Robinhood,” is possibly owned by the billionaire. He further claims that the address received a total of 41 billion DOGE from five addresses in three days of July.

Analyst Provides Nuggets of Evidence

The wallet address “DH5ya,” which was once thought to be Musk’s wallet, accumulated the memecoin until Feb. 10, 2021. On the same day, Musk tweeted that he had bought Dogecoins for his son.

If the wallet were in fact owned by Musk, it would come as no surprise. Over the years, the Tesla CEO and Dogecoin co-founder Billy Markus have discussed the project on social media platforms for its potential as a currency.

Musk’s endorsement often precedes a spike in the price of the memecoin, popularizing a “Musk-Doge Effect.” The analyst believes that when Musk tweeted about his upcoming appearance on Saturday Night Live along with the words “The Dogefather” on April 28, the claimed address held 28% of the total supply of DOGE.

In addition, the memecoin transfer to the said wallet also coincides with Musk’s birthday, the analyst claims.

Dogecoin as the Eighth-largest Crypto

Arguably the first meme coin, Dogecoin was a bitcoin offshoot that gained popularity after DogeFather Musk boosted its social media following. It is now the eighth-largest crypto in terms of market cap, maintaining a 24-hour price range of $0.124369 and $0.137207 at the time of writing. 

The analyst also suggests that Musk buys the dip and sells the hype by stating,”he always transfers a large amount of DOGE before the price of Dogecoin rises. He is the largest market maker for Dogecoin!”

Musk has often suggested collaboration with Doge’s development team to focus on “lowering fees, decreasing block time, and increasing block size.” The co-creator Billy Markus has also joined Musk’s promotion of DOGE as a people’s “digital currency” in the past.

Musk has recently been hinting at accepting the meme token on his newly acquired social media platform, Twitter. 

Elon Musk Owns No Other Memecoin

Interestingly, Musk has accepted in the past that Bitcoin, Ethereum, and Dogecoin are the only crypto that he holds. This was in response to a Twitter user asking if Musk has any SHIB tokens, which he denied.

The two memecoin communities have been at odds considering the face of Dogecoin is a Shiba Inu dog, with the two competing to lead the memecoin market.

There has been a lot of criticism associated with the memecoin as well. Earlier this year, Mad Money host Jim Cramer even claimed that Dogecoin is a “security” that will “be regulated,” raising many eyebrows.

According to research by IntoTheBlock, 64% of all Dogecoin holders are in profit, while 7% are at breakeven. The rest of the holders are reportedly out of money. In addition, 69% of Dogecoin holders are long-term investors that have held the coin for over one year.  

Research reprinted from IntoTheBlock

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