The story behind the largest Dogecoin whale in the world has taken the internet by storm. The mysterious whale holds over $12 million of Dogecoin and has recently added 420.69 DOGE in addition to the already accumulated 36.7 billion Dogecoins.
The Dogecoin whale has been accumulating the meme-inspired currency since 2019. Currently, he/she holds 28% of the total Dogecoin supply in the market. While many investors and experts have found it humorous to speculate the identity of the whale, a crypto expert from the Insider speculates the address belongs to a cryptocurrency exchange, according to Dogecoin developer Patrick Lodder.
Lodder, who has worked on the meme cryptocurrency since 2014, stated Dogecoin can be sent to a publically listed address, and therefore the inflow of money to an address is not really a clue on whom the address belongs to. He also explained the matter of the 420.69 Dogecoin, stating the ones behind the address are mainly accumulating Dogecoins as a part of a joke. As the size of this investment in comparison to their holdings is frankly irrelevant.
Due to the fact that the address has only purchased Dogecoin on three separate occasions, and rarely sells the cryptocurrency, Lodder explained the address is a storage wallet for an exchange. An exchange that harbors a vast amount of Dogecoins will not keep it on its server, but will rather offload the holdings to safer storage. Thus, explaining the frequent additions, but little to no selling of Dogecoin.
It is unlikely the address belongs to a single person, Lodder stated despite what others may speculate. The only way to clarify the ruse would be for the account holder to reveal themselves and claim the address. Unless the owner came forward and claimed the address, many holders will panic-sell their assets. The community would greatly benefit should the owner revealed themselves and claimed the address. If the owner ever decided to sell their holding this would create one of the bloodiest market dips of all time.
