The crypto community has decided that Robinhood is the owner of the largest digital cryptocurrency wallet dogecoin (DOGE).
The investment application Robinhood may be the owner of the largest cryptocurrency wallet DOGE. Elliptic co-founder Tom Robinson said this in an interview with Bloomberg.
The timing of the creation and the first deposit to the wallet coincides with the start of DOGE support in Robinhood. According to Robinson, such coincidences are not accidental.
“He almost certainly belongs to Robinhood, ”said Robinson.
The investment startup first announced support for dogecoin in July 2018. However, if you look at the first operations on the wallet, you can see that the funds began to flow only in February 2019.
This can be explained by the fact that earlier Robinhood used other wallets to store coins and only having collected the required volume, they moved them to a new cold storage.
At least this is what the history of incoming transactions hints at. The overwhelming majority of deposits from secondary wallets just date from the summer-fall of 2018.
Robinhood covers the tracks
The same opinion is shared by on-chain researchers on Reddit. According to them, the first crypto wallet for dogecoin (the pink bar in the graph above is the DQA5 address) was created in Robinhood back in June 2018. Subsequently, it is from this wallet that more than 23 billion DOGE coins will be transferred to the new cold storage (address DH5 …).
Today, the DQA5 address is used more as a hot wallet for intermediary transactions than for storage. It is noteworthy that at least three DOGE wallets out of the top 5 by coin size fall on Robinhood.
At the time of writing, DH5 cold wallet holds nearly 37 billion DOGE coins. At the current exchange rate, this number of coins is $ 1.87 billion.
Divide and so wow
DOGE wallet research activity began after Elon Musk urged dogecoin whales to sell coins. Musk argued for his appeal by the excessive concentration of coins in one hand.
Musk’s call almost immediately plummeted the value of DOGE / USDT by 15%. Three days after Musk’s tweet to Robinhood announced on the inclusion of the functionality of the withdrawal of cryptocurrencies.
Prior to this, the online broker did not only allow the sale of cryptocurrency within its ecosystem. However, at the time of this writing, the largest DOGE wallet still only accepts cryptocurrency.
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