For comparison, the largest Bitcoin wallet is the Binance coldwallet and it holds approximately 1.40% of the current circulating supply while the largest Ethereum wallet is the Eth2 Deposit Contract which holds 7.6% of all Ethereum. The largest Dogecoin wallet, which currently holds $5 Billion in Doge of its $21 Billion market cap is very mysterious. It was thought to be Robinhood or some other exchange but that has previously been dismissed by the Robinhood CEO himself. Doge wallet with 23.17% of the entire circulating supply Any wallet that holds over 23.17% of the current supply has more than enough to rug pull an entire coin to near zero. Even half of that can cause the price to crash to unrecoverable levels due to how liquidity and market caps work. According to Forkast,
For Doge, the top 14 wallets own 46.11% of all Dogecoin. TLDR: Avoid any Cryptocurrency that has wallets capable of rug pulling the entire project. Don't let a false sense of security take over just because Doge is popular. It still does not make Doge immune to rugpulls. Never let yourself be at the mercy of a single wallet. EDIT: The amount of people on the comments claiming it to be the Robinhood wallet DESPITE Robinhood's CEO publicly stating the company does not hold that much Doge as far back as May is the same argument Shib shillers make. It is careless copium. https://www.marketwatch.com/story/a-25-billion-dogecoin-whale-lurks-but-robinhood-ceo-says-we-dont-have-significant-positions-in-any-of-the-coins-we-keep-11620326508 Moreover the fact that some people find safety in a company like Robinhood is just stupid. [link] [comments] |
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