Dogecoin is Trending
Initially, Dogecoin came to the limelight for being the first cryptocurrency that a crypto version of a Wall Street Bets Reddit Group, comprising small traders, decided to buy & hold onto Dogecoins. The moment started gaining traction with the WSB Reddit group’s Gamestop fiasco where the prices of Gamestop shares increased by 14400 percent. Today, it has become a battle between wall street and the small retail traders. The fire spread to the crypto world with Dogecoin.
The jump in the prices of Dogecoin was not as drastic as that of the Gamestop’s but it was quite noticeable. Dogecoin’s prices increased by more than 400 percent within 24 hours after a Reddit group decided to purchase Dogecoin. After the drastic jump in the prices of Dogecoin, Elon Musk, the high profile CEO of Tesla & SpaceX, tweeted a fake dog-themed magazine cover. It led to a Dogecoin frenzy as such a tweet from Musk indicates his support for Dogecoin.
Amassing Dogecoins Since 2019
The mysterious Dogecoin address started receiving DOGE on February 6, 2019. It received 500 DOGE in the first transaction, followed by a transaction of 60 DOGE. It was followed by two more transactions shortly.
All was quite normal but all of a sudden, a gigantic volume of more than 1.6 billion Dogecoins was transferred to this mysterious address in a single transfer. Since then, it has kept on adding DOGE & today, it holds more than 27 percent of the DOGE supply.
Does the Dogecoin Address Belong to Elon Musk?
The mysterious Dogecoin address belonging to Elon Musk is abounding in speculation. There are certain reasons behind this. In public, Musk has repeatedly called Dogecoin his preferred cryptocurrency. He tweeted the same in 2020 & also in 2021. As there is no way to decipher who actually owns the DOGE address unless the owner publicly announces it, this is only indicative evidence.
But it might very well be true that none other than Musk himself is the owner of that Dogecoin address. First, let’s gloss over some of the facts.
Point-1: Whoever buys the Dogecoin, for a fixed price and not on exchanges, is buying it directly as a side trade. It’s quite obvious that if someone started buying Dogecoins from exchanges in such a huge volume, it would lead to a rapid increase in DOGE prices.
Point-2: Over US$100,00,00,000 has already been spent by the individual who bought 36 billion Dogecoin. Without a master plan that can return the amount invested multiple times, no one in their right mind is going to spend such a huge amount of money.
The Indications Proving That Elon Musk is the One
Fact #1: Elon Musk is number one among the world’s richest men and can easily shell out a couple of trillion dollars to buy billions of Dogecoin, without making a dent in his net worth.
Fact #2: Elon was one of the first online payment system co-founders, known today as PayPal. He is also a passionate entrepreneur who loves innovation & challenges.
Fact #3: He recently quoted that in the near future, dogecoin might become the de-facto currency of our global economy.
Fact #4: Elon has many high-profile links and can thus pull off plans to make Dogecoin one of the world’s most widely accepted digital currencies.
Now you have to wonder why Elon didn’t publicly mention that he is the owner of the mysterious Dogecoin address? There are two significant reasons behind this.
Why is Elon not Disclosing that the Mysterious Dogecoin Address Belong to him?
Obviously, Elon can not reveal that, for two specific reasons, he owns the mysterious Dogecoin address.
The #1 Reason:
If Elon reveals that it is him who holds 27+ percent of the entire supply of Dogecoin and he plans something big with Dogecoin, the prices of DOGE would explode. If that happens, at lower prices, he will not be able to buy more of the Doge.
A Musk statement about holding billions of Dogecoin would have a negative impact on the stocks of SpaceX and Tesla. It will also lead to unimaginable stock market turmoil.
Whoever buys Dogecoins in such an immense quantity has big plans. Musk or one of his connections is likely the person holding more than 27 percent of Dogecoin’s entire supply. Sooner or later, as they disclose their grand plans with DOGE, the mysterious Dogecoin buyer will reveal their identity. We will have to hold our breath until then & be prepared for the wild ride ahead. It’s definitely the “Doge Time” crypto time or more specifically.