The last few days saw a sharp drop in the price of DodgeCoin. One of the main reasons for this was the declaration of a ban on the trade of cryptocurrencies by China. However, despite the decline, DodgeCoin is one of the few cryptocurrencies that has increased its prices significantly since the beginning of the year. The rise of this coin bearing the logo of Shiba Inu Dog goes mainly to Tesla and Space-X CEO Elon Musk. He has supported this coin many times on social media. In February, he warned that the biggest threat to DodgeCoin was its presence in digital wallets.
His warning has once again come to the center. A report said that a dodgeCoin whale account has a billion dollar reserves in spite of the decline. The DodgeCoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L holds about $ 12 billion (approximately Rs 8,752 crore).
According to data from Bitinfocharts, Dogecoin “whale” first bought this cryptocurrency on 6 February 2019. At that time it was trading at $ 0.0018 (about 0.13 rupees). Now this holder has about 3,671 crore dodgecoins which is 28 percent of the total supply of this cryptocurrency.
When the market crash began two weeks ago, the total value of this property was $ 22 billion (about Rs 16,046 crore). According to CoinMarketCap, DodgeCoin was trading at $ 0.34 (about Rs 23) at the time of writing the news.
In February this year, Musk tweeted that if investors sell most of the holdings of DodgeCoin, they will fully support them. He said that the abundance of this currency is the main concern.
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021
He also said that if the investors’ accounts are completely empty, then I am ready to pay them in dollars for this as well.
I will literally pay actual $ if they just void their accounts
— Elon Musk (@elonmusk) February 15, 2021
In the field of finance, “whale” refers to a power that can affect a property market by initiating a large number of transactions. The same problem arises with whale accounts that if they start selling their Dodge property they can very easily affect the market.
Whales will have to consider Elon’s ultimatum here.
If they comply, #Dogecoin becomes the currency of the internet.
If they don’t, or “cheat” by distributing their coins across multiple wallets, then it loses Elon’s endorsement.
Easy decision for the whales. Do the right thing
— ???????????? (@itsALLrisky) February 15, 2021
That’s not why it tanked. There was a massive WHALE sell worth 100s of millions of doge coin which was accompanied by mass panic sell by regular holders. He just took advantage of the situation and people’s emotions. This was expected. Doge will rise again for sure. HODL ???? ???? pic.twitter.com/3VUJ597tik
— Goodboi DOGE (@dogeonluna) May 9, 2021
The speculation has started for this whale account. Many people have also said that Musk can be the only person who can have this account.
What if @elonmusk is the mysterious bitcoin whale who bought $100 Million worth last night? But he can’t tweet about it, so he talked up Doge instead.
— Ethereum West (Not-A-Security) (@EthereumWest) April 2, 2019
Dogecoin was launched in 2013. The image of Shiba Inu dog has been used in its logo. Billy Marcus and Jackson Parker created it together. At that time it was launched as a joke to pay traditional banking fees. It was valued at that time at $ 0.000232 (Rs 0.017).