Reports are doing the rounds that a Dogecoin whale wallet that holds 30% of all Doge belongs to Robinhood. Dogecoin’s whale wallet addresses were always a mystery to be solved but remained a hard nut to be cracked. A Twitter user named Misha Boar has alleged that Robinhood holds 30% of all Doge for millions of people.
So the wallet that holds 30% of all Doge is not a whale, but Robinhood’s cold wallet holding Doge on behalf of millions of its customers.
In a series of Twitter threads, Misha Boar stated, ”If we go back through the history of the DCu1ss9Hiwes9pEToaXhBk9Gs5CTA4N9SM, account from account, we end up to account DQA5h47M4NdTt2mKDj4nP2VNZWczZi42RY. Do you know which account sent a lot of Dogecoin to this account in the past? The infamous DH5 whale.”
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“Much wow. This is the address @RobinHoodApp sent their first wallet transaction 420.69 Doge to: DPiBQaxxG3aGYJWGaNzuabp1QqUqCAXf4E. The Doge was sent from address DCu1ss9Hiwes9pEToaXhBk9Gs5CTA4N9SM.
Guess what? #dogecoin”. He also shared the link to Dogecoin blockchain explorer. The screenshot of the page is below:
He continued, ”In other words, we have yet another confirmation that the DH5 whale, the infamous account holding 30% of the #Dogecoin supply, was indeed Robin Hood’s cold wallet. There is no whale: just an enormous amount of retail investors who bought 30% of the supply through Robin Hood.”
”To word it more clearly: following the trails starting from the “first” #WalletAlpha transaction by Robin Hood, we can go back in time and confirm that the current largest #Dogecoin wallet (and associated wallets) is Robin Hood’s cold wallet. That whale hoarding 30%? It’s you.”
Dogecoin and Robinhood
Another Twitter user named Doge Whisperer shared the screenshots of Misha Boar and shed light on the issue. “It’s 100% confirmed. The largest #Dogecoin whale wallet holding 30% of all Doge belongs to Robinhood. That means the whale wallet is holding $Doge for millions of people. The Alpha crypto wallet transaction Robinhood recently processed in the amount of 420.69 proves that,” he tweeted.
“it’s not a single person that owns the largest wallet that can do as they please. It’s Robinhood that holds it for millions of customers,” he replied in another tweet.
If these allegations turn out to be true, then Dogecoin has fewer whales than previously imaged. Hence proving that more retail investors are involved in Doge and a massive sale will not blatantly decrease its price.
At the time of publishing, Dogecoin was trading at $0.21 and is down -0.43% in the day’s trade.