Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
There is a prime suspect in the identity of the owner of the largest Dogecoin cryptocurrency wallet in the world and it is a name that should be familiar: Robinhood Markets.
The moment of creating the initial digital wallet used for storage in June 2018 follows with Robinhood’s offering Dogecoin trading to its customers in July of that year. This is in line with the Elliptic blockchain data tracker and has been the subject of online details on Dogdeco on Reddit forum.
“It almost certainly belongs to Robinhood,” said Tom Robinson, chief scientist and co-founder of Elliptic. “The moments of its creation and the creation of the addresses from which it received funds coincide with the moments when Robinhood supports Dogecoin.”
Dogecoin has risen by more than 950% since the beginning of the year from less than half a penny to more than five cents a coin as Reddit users have flocked to the cryptocurrency based on the meme of a smiling Shiba Inu.
The owner of the wallet, which controls almost 29% of Dogecoin in circulation, became the subject of attention after Tesla Inc. CEO Elon Musk wrote on Twitter that “too much focus” is the only real problem with cryptocurrency, before saying it will pay its largest holders to “cancel their accounts.”
Musk released his suspicion on Tuesday that Robinhood could be the largest holder, then backed calls for Robinhood CEO Vlad Tenev to explain the broker’s previous decisions. reduction in the trading of GameStop Corp shares. and Dogecoin during the January market rage.
As attention rose on Wednesday about who owned the largest Dogecoin wallet, Robinhood wrote on Twitter that it would not confirm which addresses they belong to.
A Robinhood spokeswoman did not immediately respond to a request for comment.