Dogecoin traders stay curious of a “whale” — or one main investor — who’s holding the entire playing cards with Dogecoin. However one suspect not too long ago denied any involvement.
Who’s the Dogecoin whale?
The Wall Street Journal reported again in February that there was one individual — or enterprise or entity — that owned 28% of all dogecoin on the market at the moment. The worth of dogecoins at that second would have made the funding price $2.1 billion.
- That quantity is now price $2.5 billion, based on MarketWatch.
Tom Robinson, chief scientist and co-founder of Elliptic, advised Bloomberg he thought Robinhood was the only proprietor of that stake.
- “It nearly definitely belongs to Robinhood,” he said. “The timing of its creation, and the creation of the addresses that it obtained funds from, match the timing of Robinhood’s assist of Dogecoin.”
However Vlad Tenev, CEO of Robinhood Markets, not too long ago dispelled that rumor in a presentation hosted by Robinhood.
- “Any cash that we maintain are for the needs of type of offering entry in holdings for our clients,” Tenev mentioned, based on MarketWatch. “We don’t have important positions in any of the cash that we carry on a proprietary foundation or something like that.”
The Dogecoin ‘whale’ concept, defined
A concept amongst traders advised that there’s a single, rich investor — referred to as a “whale” — who’s suppressing the worth of Dogecoin, as I wrote for the Deseret Information.
Some traders on Reddit consider “that a single whale is keeping the price of DOGE down by promoting off hundreds of thousands of the tokens each hour,” based on InvestorPlace.
- “DOGE traders on the discussion board are shopping for into the concept that one massive whale is answerable for the worth suppression concept,” based on InvestorPlace.
However then there’s the opposite aspect of the speculation, which posits that the “whale” sell-off is definitely simply traders cashing out when Dogecoin reaches a excessive worth, as I defined for the Deseret News.