Reddit may have unmasked the top doge.
Lovers of cryptocurrency on the site believe that Robinhood – the investment app in the middle of last month’s GameStop shares – owns a digital wallet with almost $ 2 billion in dogecoin.
The bill – which controls about 29 percent of all dogecoin currently in circulation – came into the spotlight this week after Tesla chief Eles Musk expressed concern about ‘concentration’ in ownership of the meme-inspired crypto -opportunity.
A user named “AndreiFromAlberta” claims to have solved the mystery in a long message on Reddit’s dogecoin-focused message board.
The wallet in question was created in February 2019 – about seven months after Robinhood started offering dogecoin trading – and according to the post received large amounts of dogecoin from other accounts linked to Robinhood.
“It almost certainly belongs to Robinhood,” Tom Robinson, co-founder and chief scientist of blockchain data firm Elliptic, told Bloomberg News, which reported on Wednesday the speculation. “The timing of its creation, and the creation of addresses from which funds were received, are consistent with the timing of Robinhood’s support of Dogecoin.”
Musk himself seems to support the theory. In response to a Tuesday tweet claiming that Robinhood is the owner of the wallet, he said, “Sounds like it is.”
The account’s holdings exploded in value as the price of dogecoin rose from less than a cent to about 5 cents at the start of the year, even though the digital currency started as a joke.
If the wallet is from Robinhood, it will probably only be used for storage purposes. The California-based startup says it uses its own wallets to keep the cryptocurrencies that users buy and own on its platform.
But Robinhood declined to say whether it was the dogecoin whale.
“Like other crypto platforms, for operational security reasons and to protect the privacy of customers, we will not confirm which addresses we do or do not belong to,” the company said. said in a statement it was posted on Twitter on Wednesday.
Robinhood also said he does not currently invest in cryptocurrency or use any of his clients’ cryptocurrencies for his own benefit.
A Robinhood spokesman declined to comment further.