Reddit may have unmasked the upper doge.
Site cryptocurrency enthusiasts think Robinhood, the investment app at the center of last month’s GameStop stock market frenzy, owns a digital wallet with nearly $ 2 billion in dogecoin.
The bill, which controls about 29 percent of all dogecoin currently in circulation, came into the spotlight this week after Tesla chief Elon Musk expressed concerns about the “concentration” on the ownership of the meme-inspired cryptocurrency.
A user named “AndreiFromAlberta” claimed to have solved the mystery in a long post on the Reddit dogecoin message board.
The portfolio in question was created in February 2019, about seven months after Robinhood began offering dogecoin transactions, and received large amounts of dogecoin from other accounts that appear to be linked to Robinhood, according to the publication.
“It almost certainly belongs to Robinhood,” Tom Robinson, co-founder and chief scientist of blockchain data firm Elliptic, told Bloomberg News, which reported on speculation on Wednesday. “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.”
Musk himself seems to support the theory. In response to a tweet on Tuesday stating that Robinhood could be the owner of the portfolio, He said, “It seems to be.”
The account’s holdings have exploded in value as the price of the dogecoin rose from less than a penny at the start of the year to about five cents from Thursday, even though the digital currency began as a joke.
If the wallet is from Robinhood, it is likely to be used only for storage purposes. The California-based startup says it uses its own wallets to contain the cryptocurrencies that users buy and own through its platform.
But Robinhood declined to say if it was the dogecoin whale.
“Like other cryptographic platforms, for reasons of operational security and to protect customer privacy, we will not confirm which addresses belong to us or not,” the company said. he said in a statement was posted to Twitter on Wednesday.
Robinhood also said it does not currently invest in cryptocurrency or use any of its clients ’cryptocurrencies for its own benefit.
A Robinhood spokesman declined to comment further.