There are countless analyzes and speculations related to the owner of the largest Dogecoin virtual currency account in the market…
Many people are curious about the owner of the Dogecoin account worth 12 billion USD – Photo: iStock. The story behind the man who owns the world’s largest Dogecoin virtual currency account is probably not as attractive as the story of investors on social networks like Elon Musk or his fans. However, since the beginning of the year, with the price of Dogecoin increasing by more than 100%, the account value has reached 12 billion USD, making many people curious about its owner. According to Business Insider, this Dogecoin “shark” account has the address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L, owning a total of 36.7 billion Dogecoins since 2019, equivalent to 28% of the total number of Dogecoins in circulation. Many analysts and investors began to dissect who is behind this “huge” virtual currency account. Some people even send a small amount of Dogecoin to the above “shark” account to try to find out the identity of the owner. “The above account could be linked to a cryptocurrency exchange,” said Patrick Lodder, a core developer of Dogecoin. Working for the Dogecoin project since 2014, Lodder said that anyone can send Dogecoin coins to a public account, but the amount deposited into an account cannot be a “clue” for identification. account holder, unless it is an extremely large amount. Buying Dogecoin since 2019, the above “shark” account is rarely sold. The last sale was 100 million Dogecoin in April 2021 and is also the only sale this year. Based on this information, CoinDesk’s director of research suggested that the account must be owned by an individual, not a transaction. In response to this information, Lodder said it could be a cold wallet of an exchange. “An exchange that manages a lot of Dogecoin might not keep it on a server but store it offline – on a cold wallet, for example. This explains why there are not many sales from this account. With such a high value virtual currency account, it is safer to store it in a cold wallet,” Lodder analyzed. Lodder said the only way to determine for sure who the account owner is is for the person to speak up and present evidence, but this is a risky job if you look at the “terrible” account value. “above. On social networks, countless speculations about the owner of the above account. Following the data on the blockchain, an account on the news site Reddit hypothesized that this “shark” address could be one of the cold wallets of Robinhood – the famous free-to-use stock exchange. in U.S.A. This theory is agreed by more than 4,000 people in the Reddit community. However, many others believe that this account may belong to “Dogecoin father” Elon Musk. Like many other cryptocurrencies, Dogecoin is a decentralized currency, not managed by an authority or entity. This makes it more secure and less vulnerable to change by any entity. However, this also creates rumors of lack of control and endangers the coin. “Rumours of ‘sharks’ selling Dogecoins can scare investors into selling,” Lodder said. Dogecoin was born in 2013 as a satire to the crazy craze of virtual currency and was designed with the design concept from the famous “Doge” trend on the Internet. Dogecoin was not originally created as a means of payment but simply as a joke. However, this virtual currency is still bought and sold on virtual currency exchanges. Dogecoin often increases in price when it is promoted by famous individuals on social networks. In early 2021, Dogecoin was only $0.004, even when Bitcoin – the largest virtual currency on the market – skyrocketed to nearly $30,000. In early May, this virtual currency set a record of $0.718/Dogecoin.
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