Biggest Dogecoin Whale Lost $16 Billion During Crypto Market Crash
The mystery owner of the world’s biggest Dogecoin (DOGE) address is recording losses in USD valuation running into billions of dollars following the collapse of cryptocurrency market.
On May 8th, when the most famous meme coin was performing particularly well, the top Dogecoin address on record hit a peak value of $25,729,177,492 as DOGE price rose above $0.70.
End of May the crypto markets collapsed, and are despite recovery attempts the market hasn’t shown much recovery.
At time of writing, Dogecoin is trading at around $0.277, which means that same address now holds roughly $9,735,438,604, nearly $16 billion less than it did at Dogecoin’s peak.
While the deposits into the address vastly outnumber the withdrawals, there was an outflow from the address in the run-up to the memecoin hitting a record high. On April 12th, when the memecoin was trading at seven cents, over 100 million Dogecoin worth over $7 million was withdrawn from the address.
The address which holds more than a quarter of the total Dogecoin in circulation first recorded a deposit in 2019. While the address holds approximately a whopping 28.23% of the memecoin in circulation, the second-richest Dogecoin address holds just 3.87% of the existing supply.
Who owns the largest Dogecoin address still remains a mystery. In the past months there has been speculation that the address would belong to Tesla CEO Elon Musk, whose tweets sent DOGE soaring.
There has also been speculation that the owner of the address was trading platform Robinhood. The company’s CEO and co-founder Vladimir Tenev, however, has denied the suggestions, claiming that Robinhood does not hold “significant positions” in any of the digital assets it supports.
Binance CEO Changpeng Zhao also denies that the Dogecoin address is owned by one of the largest crypto marketplace.
