Dogecoin has been in the news for one reason or some other for some time now. Between all the news about Musk’s tweets about Dogecoin & the pumps in the prices of Dogecoin, there was one particular news that caught the attention of the Dogecoin community. The news that attracted the most eyeballs was about one single Dogecoin address holding over 27% of Dogecoin’s entire supply, which translates to 36+ billion tokens. Now, the question is who is this mysterious Dogecoin buyer? Why is he holding on to such a huge volume of Dogecoins? and What are his plans?
Dogecoin is Trending
Initially, Dogecoin came to the limelight for being the first cryptocurrency that a crypto version of a Wall Street Bets Reddit Group, comprising small traders, decided to buy & hold onto Dogecoins. The moment started gaining traction with the WSB Reddit group’s Gamestop fiasco where the prices of Gamestop shares increased by 14400%. Today, it has become a battle between wall street and the small retail traders. The fire spread to the crypto world with Dogecoin.
The jump in the prices of Dogecoin was not as drastic as that of the Gamestop’s but it was quite noticeable. Dogecoin’s prices increased by more than 400% within 24 hours after a Reddit group decided to purchase Dogecoin. After the drastic jump in the prices of Dogecoin, Elon Musk, the high profile CEO of Tesla & SpaceX, tweeted a fake dog-themed magazine cover. It led to a Dogecoin frenzy as such a tweet from Musk indicates his support for Dogecoin.
Amassing Dogecoins Since 2019
The mysterious Dogecoin address started receiving DOGE on February 6, 2019. It received 500 DOGE in the first transaction, followed by a transaction of 60 DOGE. It was followed by two more transactions shortly.
All was quite normal but all of a sudden, a gigantic volume of more than 1.6 billion Dogecoins was transferred to this mysterious address in a single transfer. Since then, it has kept on adding DOGE & today, it holds more than 27% of the DOGE supply.
Does the Dogecoin Address Belong to Elon Musk?
There are speculations abound about the mysterious Dogecoin address belonging to Elon Musk. There are some reasons behind it. Musk has called Dogecoin his favorite cryptocurrency in public multiple times. He tweeted the same in 2020 & in 2021 as well. This is only indicatory evidence as there’s no way to decipher who actually owns the DOGE address unless the owner announces it in public.
But it might very well be true that the owner of this Dogecoin address is none other than Musk himself. Let’s gloss over some of the facts first.
Point-1: Whoever is buying the Dogecoin, is buying it directly as a side trade for a fixed price and not on exchanges. It is quite obvious as if someone started buying Dogecoins in such a huge volume from exchanges, it will lead to a rapid increase in the prices of DOGE.
Point-2: The person who bought 36 billion Dogecoin has already spent over US$100,00,00,000. Nobody in their right mind will spend such a huge amount of money, without a master plan that can return the amount invested multi-folds.
The Indications Proving That Elon Musk is the One
Fact #1: Elon Musk is the number one among the richest men in the world and can easily shell out a few Billion USD to purchase billions of Dogecoin, without making a dent in his net worth.
Fact #2: Elon was one of the Co-Founders of the first online payment system, known as PayPal today. He is also a passionate entrepreneur who loves challenges & innovation.
Fact #3: He recently quoted that dogecoin could become the de-facto currency of our global economy in near future.
Fact #4: Elon has many high profile connections and thus, he can pull off the plans of making Dogecoin one of the most commonly accepted digital currencies globally.
Now you must be wondering – why did Elon not mention in public that it is him who is the owner of the mysterious Dogecoin address? There are two major reasons behind it.
Why is Elon not Disclosing that the Mysterious Dogecoin Address Belong to him?
Obviously, Elon can not disclose that it’s him who owns the mysterious Dogecoin address for two particular reasons
If Elon discloses that it’s him who holds 27+% of Dogecoin’s entire supply and he is planning something big with Dogecoin, the DOGE prices would explode. If that happens, he won’t be able to buy more of Doge at lower prices.
A statement From Musk about holding billions of Dogecoins would negatively impact the SpaceX and Tesla stocks. It will also lead to unimaginable turmoil in the stock market.
Whoever is buying Dogecoins in such a huge volume has big plans. It is very likely that the person holding more than 27% of Dogecoin’s entire supply is Musk or one of his connections. The mysterious Dogecoin buyer will disclose their identity sooner or later when they will reveal their grand plans with DOGE. Until then, we will have to hold our breath & be ready for the wild ride ahead. It’s definitely the crypto time or more specifically “Doge Time.”