The dogecoin market has a leader in packages.
Records show that a person or entity owns about 28% of the cryptocurrency in circulation – a stake worth about $ 2.1 billion at current prices. The identity of the holder is not known, which is common in the opaque world of digital currencies.
It’s hard to say what to do with this gigantic position in what has long been a small niche corner of the cryptocurrency world.
Dogecoin was created in 2013 as a satirical tribute to bitcoin. Its developers picked up the meme of a Shiba Inu dog with bad spelling habits. It was not designed to be used as a form of payment or as anything other than a joke. At the beginning of 2021, a dogecoin was worth about half a cent, even though bitcoin prices had risen to almost $ 30,000.
Things have changed this year. Dogecoin has grown in popularity after business and pop culture icons, including Tesla CEO Elon Musk, Soulja Boy rapper and “Malcolm in the Middle” star Frankie Muniz, began promoting it online. It is not clear what caught their attention.