Benzinga | Nov 27, 2021 05:01PM EST

Unconfirmed: Dogecoin Whale Address Holding 30% Of Doge Is Robinhood

The address holding about 28% of Dogecoin's (CRYPTO: DOGE) total supply most probably belongs to Robinhood, not Elon Musk as some previously speculated.

What Happened: A recent investigation led by the Dogecoin community linked the wallet behind Robinhood's 420.69 DOGE wallet test transaction to the famous Dogecoin whale wallet currently holding 4.1 billion DOGE -- equivalent to about $892 million -- but previously held as much as 36.7 billion DOGE.

Dogecoin-dedicated Twitter profile Mishaboar explained that "following the trails starting from the 'first' [test] transaction by Robinhood, we can go back in time and confirm that the current largest Dogecoin wallet (and associated wallets) [are] Robin Hood's cold wallet."

He exclaimed: "That whale hoarding 30%? It's you."

See Also: If You Had $1,000 Right Now, Would You Put It On Dogecoin, Saitama Inu Or Shiba Inu?

The report follows early May speculation that the brokerage platform is the Dogecoin whale and was described by Mishaboar as "yet another confirmation that [...] the infamous account holding 30% of the Dogecoin supply was indeed Robinhood's cold wallet."

Back in February, the address was at the epicenter of major concern in the community that was afraid that the coin had an excessively unequal distribution. This culminated with Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk saying that "if major dogecoin holders sell most of their coins, it will get" his full support since "too much concentration is the only real issue."

DOGE Price Action: As of press time, Dogecoin is trading at $0.206 after seeing its price increase by about 1.0% over the past 24 hours.

Related Link: Ripple CEO Reluctant To Hold Dogecoin Due To 'Inflationary Dynamics'