$ 2 Billion Dogecoin ‘Whale’ Could Be Robinhood, Redditors Says | Currency News | Financial and business news

News of a “whale” dogecoin with $ 2.1 billion, or 28% of all dogecoins in circulation, has swirled in recent days, but the person or entity has not been identified.

A detailed article on Reddit this week, however, shows that the largest holder of the memes-based token is Robinhood Markets.

The timing of Robinhood offering dogecoin trading to its users in July 2018 corresponds to the creation of the initial digital wallet used to store the token’s huge treasure, according to the post on r / dogecoin. The wallet in question was created in June 2018, according to blockchain data tracker Elliptic.

“He almost certainly belongs to Robinhood,” Tom Robinson, chief scientist and co-founder of Elliptic, told Bloomberg. “The timing of its creation, and the creation of the addresses from which it received funds, correspond to the schedules of Robinhood’s support for dogecoin.”

Many observers have wondered the identity of the whale, including Tesla’s Elon Musk. On February 15, Musk said the real problem with dogecoin was its concentration among a few holders.

“If the major Dogecoin holders sell most of their coins, it will have my full support,” Musk said in a tweet. “Too much focus is the only real imo problem (in my opinion). I will literally pay dollars if they just cancel their accounts.”

Internet sleuths have named Musk as the possible mega-investor since the account in question received 28.061971 dogecoins on multiple occasions, as the Wall Street Journal first reported. Musk followers were quick to point out that the billionaire’s birthday is June 28, 1971.

Musk, for his part, points the finger at Robinhood.

Tesla founder left a brief comment on a virus on February 17 Twitter message suspecting the trading app to be the biggest holder.

Musk simply replied, “Looks like it is.”

Robinhood the next day neither confirmed nor denied its ownership. In a tweet, said the trading platform: “We understand that the community wants more information about the addresses that belong to us and how we manage our portfolios.”

But he added, “Just like other crypto platforms, for operational security reasons and to protect customer privacy, we will not confirm which addresses are ours or which are not ours.”

The cryptocurrency, which started off as a joke in 2013, recently hit a value of $ 10 billion, making it more valuable than some household names including Shake Shack and Under Armor.