The Dogecoin blockchain data revealed that an anonymous investor currency holds 28% of the meme currency. According to the report by Wall Street Journal, no one knows the identity of the holder who owns US$1.2 billion worth of Dogecoin.
As seen on the Dogecoin blockchain explorer, the anonymous address currently holds 36.8 billion tokens that were received through 705 transactions.
Dogecoin, which started out as a meme token in 2013, currently holds a market value of US$7.28 billion. As of writing, the digital asset is on the 14th spot of Coin Market Cap’s list of top performing cryptocurrencies.
Its value surged over seven times in just under 24 hours last January 28 when it caught the attention of Reddit board members of r/SatoshiStreetBets and r/WallStreetBets.
Too much concentration of Dogecoin
According to CEO of Tesla Elon Musk, one of the major issues Dogecoin is facing is ‘too much concentration among top holders.’ He said via his Twitter account that he would support these investors if they decide to sell their coins.
‘If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,’ Musk said in a Twitter thread he posted on February 15.
‘I will literally pay actual $ if they just void their accounts,’ Musk added on the twitter thread, insinuating that the cryptocurrency is manipulated by a small number of users.
The founder and CEO of Tesla, often talks about the cryptocurrency in his tweets that sends the price of Dogecoin to skyrocket within hours.
On February 4, he tweeted an edited Lion King reference wherein he was holding the Shiba Inu meme. This post was instrumental in the 59% increase of Dogecoins in only a few hours.
‘Bought some Dogecoin for lil X, so he can be a toddler hodler,’ Musk tweeted, announcing his decision to buy Dogecoin for his son. This caused the cryptocurrency to surge and reclaim its market valuation at US$10 billion.
Another tweet by Musk on February 21 with just the words ‘Dojo 4 Doge’ raised its value to 4.28% higher at US$0.056. However, the meme currency isn’t seen to top the recent all-time high of US$0.078 anytime soon.
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