With a float of over $15 billion, this dogcoin address may be linked to Musk

From the current point of view, Ma Yilong’s “God-making plan” is successful, but what about after that?

Four months ago, a member of the dogcoin community started noticing the address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L because it held more than 1/4 of the total number of dogcoins, which were worth more than $230 million even at the price at the time.

So someone then posted a question asking.

“Who is the whale behind this dogcoin address?”
Some speculated that it was an exchange, while others said it was Robinhood’s address, but the data shows that the first transaction at the address occurred on Feb. 6, 2019, while Robinhood opened dogcoin trading in 2018.

Later, as the address hoarded more and more dogcoins, some analysis of its transactions was done, as exemplified by the following transactions with a block height of 3594401.

With a float of over  billion, this dogcoin address may be linked to Musk

After looking up the information on these transactions, we can see that the coins at that address all come from the same address: D8vFz4p1L37jdg47HXKtSujChhP9f3doTK.
…… I think this is some kind of blockchain address for a broker like Coinan or Robinhood.
…… and after Elon’s tweet, the wallet transferred a total of 500 million dogcoins ……

As of today, more than 36.7 billion DOGE are held in dogcoin addresses beginning with DH5, accounting for 28.34% of the total number of dogcoins in circulation, which are worth more than $17.1 billion at the current market price. Also according to bitinfocharts data, there are 1,103 input transactions and 21 output transactions for this address. According to the calculation, the overall dogcoin holding cost of this whale address is about $440 million, and the cost of a single coin is about $0.0119.

Interestingly, Tesla founder Elon Musk also started shouting for dogcoin from 2019.

With a float of over  billion, this dogcoin address may be linked to Musk

It’s hard not to think about the relationship between Elon Musk and this giant whale address.

On May 9, 2021, Elon Musk said on Saturday Night Live that he would give Dogcoin to his mother Maye Musk as a Mother’s Day gift. Maye Musk first said she was looking forward to her Mother’s Day gift, but hoped it wasn’t Dogcoin. Musk, however, replied, “It’s Dogcoin.”

And on Mother’s Day, a dogcoin address beginning with DG6XW received 2.7 billion dogcoins, worth more than $1.29 billion.

Coin World-Floating over $15 billion, this dogcoin address may be linked to Musk

All indications are that these giant whale addresses are more or less related to Elon Musk in some way, but with that alone, we can’t confirm that they belong to the same person.

From supporting Bitcoin to shouting short Bitcoin, what kind of medicine is Musk selling?
In February, Tesla announced that it had spent $1.5 billion on bitcoin and accepted it as a payment method for its electric cars, and bitcoin experienced a wave of gains as a result of this news.

And in the recent past, Elon Musk abruptly announced that he would stop accepting bitcoin as a payment method and tweeted that the company had sold or would soon sell its bitcoin holdings. In addition to that, Yilong Ma also slammed that Bitcoin is not environmentally friendly and initiated a vote to support dogcoin as a payment method for Tesla.

With a float of over  billion, this dogcoin address may be linked to Musk

After this flurry, cryptocurrencies like Bitcoin suffered a plunge and the market went into a panic mood.

So what exactly happened that would lead Yilong Ma to call out Bitcoin short?

Back on May 9, Barry Silbert, founder of DCG and Grayscale, posted a tweet in which he called for people to swap dogcoin for BTC and said that they had shorted dogcoin via FTX (this statement was the trigger).

With a float of over  billion, this dogcoin address may be linked to Musk

What Yilong Ma hates the most is when someone goes short his position, especially an institution.

This may also explain some of his recent shorting of bitcoin, as he aims to counter institutions like Grayscale that are shorting dogcoin. And from a rational point of view, this might also mean that Yilong Ma’s dogcoin position, has exceeded his bitcoin position. We can hazard a guess then that the only address that would seem to meet this condition would be DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.

And a profit of more than $15 billion is enough to make Ma Yilong shout madly for dog coins.

Musk and his dream of making gods
Obviously, the name of “Silicon Valley Iron Man” is no longer enough to satisfy Elon Musk’s ambition, after experiencing the sweetness of “Twitter ruled coins”, Elon Musk also attempted to build a god of the currency world, for this reason, he chose a once For this purpose, he has chosen a dog coin that was considered by many as a joke.

At least for now, his “god-making plan” is successful, but what about after that? I don’t know.

But from a religious perspective, it seems that Satoshi Nakamoto, who chose to leave the public eye, is a better choice. Sorry, I’ll go with Bitcoin.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/with-a-float-of-over-15-billion-this-dogcoin-address-may-be-linked-to-musk/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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