Someone owns $2.1 billion worth of dogecoin. And no one knows who it is:
Records show that a person, or entity, owns about 28% of all of the cryptocurrency in circulation—a stake worth about $2.1 billion at current prices. The holder’s identity isn’t known, which is common in the opaque world of digital currencies.
The account could belong to an exchange on which dogecoin is traded, or to the individuals and groups who run the software that keep the digital currency’s network going, researchers say.
There is some speculation that the secret dogecoin billionaire could be the not-so-secret Tesla billionaire Elon Musk, but the evidence is thin:
The address also offers an intriguing “Easter egg” for people trying to decipher the identity of the owner: the account has on multiple occasions received 28.061971 dogecoins. Mr. Musk’s birthday is on June 28, 1971.
Despite his interest in dogecoin, the major holder’s address is unlikely to belong to Mr. Musk, said Elias Ahonen, author of “Blockland.” Anyone can send dogecoin to a publicly listed address, which could explain the amounts linked to Mr. Musk’s birthday.
Having 28% of the currency in the hands of a single, unknown person makes dogecoin very susceptible to wild swings in price. If that holder sells suddenly, it could crash the currency. One has to balance that against a major positive for dogecoin: it uses the same technology as bitcoin but is a tiny fraction of the price.
Any guesses on who it is? Leave them in the comments!
For more on dogecoin and cryptocurrencies, check out these posts:
- This One Fact Could Drive Dogecoin Up 100X
- How Bitcoin Could Reach $400,000
- Bots Are Pumping GameStop And Dogecoin
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Photo: “Doge Meme: Japanische Hunderasse Shiba und Vorbild für den DogeCoin” by marcoverch is licensed under CC BY 2.0