A mysterious Dogecoin address has managed to garner more than 27% of the total altcoin offering.
DOGE, a meme boy who has been around since 2013, continued to attract attention in the market thanks to remarkable Twitter mentions by Tesla and SpaceX founder Elon Musk. A recent study found that Musk’s tweets about DOGE had a significant impact on the price and trading volume of the altcoin.
Pop artist Soulja Boy also contributed to the media hype for DOGE and last week asked his 5.2 million followers whether they prefer BTC or DOGE.
Crypto community members have now discovered a single Dogecoin address that owns more than 36 billion DOGE ($ 2.5 billion). The anonymous address is in charge of 27% of all DOGE, with the top twenty addresses containing a total of 50% of the total supply of the coin.
The mysterious Dogecoin address apparently hid messages in the transaction it sent. On Reddit, via the r / cryptomarkets and the subreddits r / dogecoin, users managed to decipher one, which contains the date of birth of Elon Musk, CEO of Tesla.
Some have even speculated that the address may belong to Elon Musk, based on the timing of Musk’s tweets about the meme cryptocurrency and on the transactions the address did.
By decrypting a series of binary code transactions, users managed to get a string that reads’? NOLEUOYTISI. ‘ The string reads: “IS THIS YOU ELON?” backwards.
One Twitter user has warned investors that excessive ownership of DOGE could lead to a price reduction if the whale addresses start crashing.
Changpeng Zhao, CEO of cryptocurrency exchange Binance, also issued a similar warning about DOGE’s skewed offer, in addition to calling the project ‘abandoned’.
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