When Dogecoin was first launched, it had a supply cap of 100 billion. As of June 2021, there is over 129 billion DOGE in circulation, with only three cryptocurrencies having more coins in circulation than Dogecoin. Even if this seems like a lot of DOGE compared to Bitcoin’s cap of 21 million, Dogecoin does have a limit of 5 billion new coins each year.
While these were worth just $0.002 per coin in June 2020 with a market cap of $330 million, the recent surge in Dogecoin’s price during 2021 means the market cap has similarly increased, which currently sits at over $48 billion. For those early investors in Doge, this has led to huge profits.
So, with that in mind, who owns the most Dogecoin and has likely become a Doge millionaire?
Who holds the most Dogecoin?
Much like other cryptocurrencies, there are a number of Dogecoin 'whales' who own a significant amount of DOGE. In fact, just under 100 Dogecoin wallets account for 65% of the total DOGE (via BitInfoCharts).
However, unlike bitcoin, where many of the large investors are publically known, the top Dogecoin holders remain shrouded in mystery.
The top account, with the address 'DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L', currently holds 36,711,943,025 DOGE - or 28.28% of all Dogecoin. This has a value of over $13.65 billion at the time of writing.
Who is the largest Dogecoin holder?
The largest Dogecoin 'whale' still remains a mystery. They have yet to come forward and reveal themselves as the top Dogecoin owner.
However, this has not stopped crypto enthusiasts from speculating on who the mystery 'whale' is.
Due to the nature of some of the Dogecoin transactions, some members of r/Dogecoin suspect the 'whale' is Elon Musk, the self-described 'Dogefather'.
However, Elon Musk has weighed in on the topic of the Dogecoin 'whale', describing it as a "disturbing concentration".
Another possibility - and one that Musk himself has entertained - is that the wallet belongs to the trading platform Robinhood.
This speculation comes as Robinhood does not currently allow its users to have access to their private cryptocurrency keys, similar to that of PayPal. However, the platform does have plans to change this in the future, stating:
At this time, we don't have the functionality to allow customers to transfer their cryptocurrency assets into or out of their Robinhood Crypto account, but we’re currently working on providing those abilities for supported cryptocurrencies.
Robinhood also tweeted a statement dismissing some of the claims made against it, in which it said: "Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit."
Unfortunately for you readers, this means that the identity of the top Dogecoin investor, along with many other DOGE 'whales', remains a mystery. Much like bitcoin's mysterious creator Satoshi Nakamoto, we just don't know for certain who they are.
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