Money and Markets

A mysterious dogecoin whale who owns R210 billion worth just bought 420.69 more coins

Business Insider US

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Black Tomato
  • The world's largest dogecoin address-holder purchased 420.69 dogecoins on Tuesday.
  • No one knows who is behind the address, but the owner holder just signalled they are in tune with the jocular spirit of dogecoin, making a nod to meme numbers "420" and "69."
  • The address currently holds 36.7 billion dogecoins worth around R210 billion.
  • For more stories go to the Business Insider South Africa home page.

The world's largest dogecoin address holder just bought 420.69 dogecoins, furthering speculation around the identity of the mysterious "whale" who has loaded up on the meme cryptocurrency for two years.

Data from Bitinfocharts shows that on May 18, the dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L purchased roughly 420.6899 Doge, worth R2,700.

The address has accumulated 36.7 billion dogecoins since 2019 and now holds about 28% of the total dogecoin supply. With the meme token at $0.3937, the address' dollar amount currently stands at around R210 billion.

Investors have been pondering for months who or what is behind the doge wallet. The address could belong to an individual, a market maker, or an exchange, though the nod to the meme numbers "420" and "69," hint that a person who is in on the joke is making the purchases.

According to Noelle Acheson, CoinDesk's head of research, a cryptocurrency exchange address would have inflows and outflows. She points out that this address has only been accumulating doge. The address sold 100 million coins on April 12, but that was its only sale in 2021.

Some online forums have speculated the address belongs to the "dogefather" himself, Elon Musk. The address added 28.061971 dogecoins three separate times, which reference Elon Musk's birthday on June 28, 1971.

Though those purchases could simply be a homage to Musk rather than completed by Musk himself. The Tesla CEO warned in February that the biggest risk facing dogecoin is it's extreme concentration among just a handful of digital wallets.

On Thursday Dogecoin spiked 15% in a matter of minutes on Musk published another yet another cryptic tweet referencing the meme cryptocurrency.

The coin has since pared back gains from but is still sitting up 6,500% year-to-date.

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