Dogecoin traders stay curious of a “whale” — or one main investor — who’s protecting all the playing cards with Dogecoin. However one suspect lately denied any involvement.
Who’s the Dogecoin whale?
The Wall Boulevard Magazine reported again in February that there used to be one particular person — or trade or entity — that owned 28% of all dogecoin in the market at the moment. The price of dogecoins at that second would have made the funding price $2.1 billion.
- That quantity is now price $2.5 billion, in line with MarketWatch.
Tom Robinson, leader scientist and co-founder of Elliptic, advised Bloomberg he concept Robinhood used to be the only proprietor of that stake.
- “It nearly indubitably belongs to Robinhood,” he stated. “The timing of its advent, and the advent of the addresses that it gained finances from, fit the timing of Robinhood’s improve of Dogecoin.”
However Vlad Tenev, CEO of Robinhood Markets, lately dispelled that rumor in a presentation hosted by means of Robinhood.
- “Any cash that we grasp are for the needs of type of offering get admission to in holdings for our consumers,” Tenev stated, in line with MarketWatch. “We don’t have important positions in any of the cash that we stay on a proprietary foundation or the rest like that.”
The Dogecoin ‘whale’ idea, defined
A idea amongst traders urged that there’s a unmarried, rich investor — known as a “whale” — who’s suppressing the price of Dogecoin, as I wrote for the Deseret Information.
Some traders on Reddit imagine “that a unmarried whale is maintaining the cost of DOGE down by means of promoting off tens of millions of the tokens each and every hour,” in line with InvestorPlace.
- “DOGE traders at the discussion board are purchasing into the concept that one massive whale is chargeable for the fee suppression idea,” in line with InvestorPlace.
However then there’s the opposite aspect of the idea, which posits that the “whale” sell-off is in fact simply traders cashing out when Dogecoin reaches a top price, as I defined for the Deseret Information.