Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
There is a prime suspect in the identity of the owner of the world’s largest Dogecoin cryptocurrency portfolio and it is a name that should be familiar: Robinhood Markets.
The timing of the creation of the initial digital portfolio used for storage in June 2018 is traced to that of Robinhood offering Dogecoin trading to its customers in July this year. This is according to the Elliptic blockchain data tracker and echoes details online at Reddit Dogecoin forum.
“It almost certainly belongs to Robinhood,” said Tom Robinson, chief scientist and co-founder of Elliptic. “The times of its creation and the creation of the addresses from which it received funds coincide with the times of Robinhood’s support for Dogecoin.”
Dogecoin has risen more than 950% since the beginning of the year, going from less than half a cent to more than five cents per coin as Reddit users flocked to the cryptocurrency based on the meme of a smiling Shiba Inu.
The owner of the portfolio, which controls almost 29% of Dogecoin in circulation, became a topic of attention later Tesla Inc. CEO Elon Musk tweeted that “over-concentration” is the only real problem with cryptocurrency before saying it would pay major holders to “cancel their accounts “.
Musk tweeted Tuesday about his suspicion that Robinhood could be the top incumbent and then backed calls to Robinhood CEO Vlad Tenev to explain the runner’s previous decisions to trading of shares of GameStop Corp. and Dogecoin during the January market mania.
As attention was widened Wednesday on who owned the largest Dogecoin wallet, Robinhood tweeted that it would not confirm which addresses belong to them.
A Robinhood spokeswoman did not immediately respond to a request for comment.