The largest Dogecoin whale DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ transferred over 3.8 billion DOGE tokens to the wallet address DDuXGMFNGpGjaAqyDunSMvceMBruc1wwKF. The wallet address “DDuXGM” has now become the 5th largest DOGE holder. Is Elon Musk moving DOGE or Robinhood moving DOGE amid the market uncertainty.
Dogecoin Whale Moves Almost 4 Billion DOGE Tokens
Lookonchain in a tweet on December 20 revealed that Dogecoin’s largest holder “DPDLBA” has transferred 3.84 billion DOGE worth $280.6 million to address “DDuXGM” today.
On-chain data reveals that “DPDLBA” is the largest holder of Dogecoin and holds almost 25.24% supply. The wallet address holds 34.68 billion DOGE worth $2.6 billion. The second-largest holder of Dogecoin holds 7.55 billion DOGE, which is 5.50% of total supply. Thus, there is a huge difference between wallet holdings.
“DDuXGM” is now the fifth-largest Dogecoin that holds over 3.84 billion DOGE and accounts for 2.80% supply. On-chain data indicates six equal transactions of 632,479,064.94 DOGE were made from “DPDLBA” to “DDuXGM” and a single transaction of 49,074,826.85 DOGE. Therefore, the wallet became the 5th largest DOGE holder in just an hour.
Many believe Elon Musk is the largest holder of Dogecoin and holds massive amounts of DOGE. However, historical data suggests the “DPDLBA” is associated with Robinhood.
Crypto trading app Robinhood moved all Dogecoin from its cold wallet into a single wallet in July. As per blockchain wallet tracker Dogecoin Whale Alert, Robinhood moved all 41 billion DOGE it holds to “DPDLBA”. The movement could be related to Elon Musk stepping down as CEO of Twitter.
The results of Elon Musk’s Twitter poll to step down as the head of Twitter came out against Musk. After about 12 hours, the results with more than 17 million votes, where 57.6% of people agreed that Musk should step down from his position at Twitter.
DOGE Price Remains Weak
Dogecoin price fell after Elon Musk suggested abiding with the poll results. DOGE price dropped to low of $0.070, before rising again to high of $0.078 in the last 24 hours. Also, the DOGE price is currently trading at $0.074, down nearly 6% in a day and 16% in a week.
The DOGE price is expected to remain weak this month, as Bitcoin price risks losing its support level amid market uncertainty.
Also Read: How Japan Monetary Policy Will Impact Bitcoin, Ethereum Price
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