Reddit could have unmasked the highest doge.
Cryptocurrency lovers on the positioning assume Robinhood — the investing app on the middle of final month’s GameStop inventory frenzy — is the proprietor of a digital pockets stuffed with nearly $2 billion in dogecoin.
The account — which controls about 29 % of all of the dogecoin at present in circulation — entered the highlight this week after Tesla chief Elon Musk raised concerns about “concentration” within the meme-inspired cryptocurrency’s possession.
A person known as “AndreiFromAlberta” claimed to have solved the thriller in a lengthy post on Reddit’s dogecoin-focused message board.
The pockets in query was created in February 2019 — about seven months after Robinhood began providing dogecoin trades — and obtained giant quantities of dogecoin from different accounts that seem linked to Robinhood, based on the publish.
“It nearly actually belongs to Robinhood,” Tom Robinson, co-founder and chief scientist of the blockchain information agency Elliptic, told Bloomberg News, which reported on the hypothesis Wednesday. “The timings of its creation, and the creation of the addresses that it obtained funds from, match the timings of Robinhood’s assist of Dogecoin.”
Musk himself seems to assist the idea. In response to a Tuesday tweet positing that Robinhood is likely to be the pockets’s proprietor, he said, “Seems like it’s.”
The account’s holdings have exploded in worth as the price of dogecoin surged from lower than a penny in the beginning of the 12 months to about 5 cents as of Thursday despite the fact that the digital coin was began as a joke.
If the pockets is Robinhood’s, it’s probably simply getting used for storage functions. The California-based startup says it makes use of its personal wallets to carry the cryptocurrencies that customers purchase and personal via its platform.
However Robinhood refused to say whether or not it’s the dogecoin whale.
“Identical to different crypto platforms, for operational safety causes and to guard buyer privateness, we is not going to affirm which addresses do or don’t belong to us,” the corporate said in a statement it posted on Twitter Wednesday.
Robinhood additionally mentioned it doesn’t at present spend money on cryptocurrency or use any of its prospects’ cryptocurrency for its personal profit.
A Robinhood spokesperson declined to remark additional.