The dogecoin market has a pack leader.
Records show that a person or entity owns about 28% of all the cryptocurrency in circulation – a stake worth about $ 2.1 billion at current prices. The identity of the holder is not known, which is common in the opaque world of digital currencies.
It’s hard to say what to make of this giant position in a small and niche corner of the world of cryptocurrency.
Dogecoin was created in 2013 as a satirical tribute to bitcoin. The developers were working to get rid of the meme of a Shiba Inu dog with bad play habits. It is not designed to be used as a means of payment, or as anything other than a joke. At the beginning of 2021, a dogecoin was worth about half a cent, even though bitcoin prices had risen to nearly $ 30,000.
Things have changed this year. Dogecoin has grown in popularity after business and pop culture icons, including Tesla CEO Elon Musk, rapper Soulja Boy and “Malcolm in the Middle” star Frankie Muniz, began promoting it online. It is not clear what caught their attention.