Is this what happens when meme lovers end up with billions of dollars?
Whoever holds the biggest Dogecoin bag seems to share the memecoin’s sense of humor. They bought up a very small amount of DOGE yesterday in a reference to popular memey culture.
Who let the DOGE in
DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L, the Dogecoin address which holds an estimated 36.7 billion coins (seemingly accumulating the amount during the crypto bear market of 2019), purchased 420.69 more DOGE on Thursday, blockchain data shows.
The purchase cost the whale a paltry $165. But the two numbers are deeply embedded in meme culture: “420” refers to cannabis or to the act of smoking cannabis, while “69” refers to a popular (or unpopular) fornication position.
No one knows the exact identity of this “whale”—a colloquial term for the holder of a large supply of a certain cryptocurrency or other assets—but they sit on a $15 billion stack as of today.
That’s nearly 30% of Dogecoin’s $51 billion market cap at press time and was worth over $30 billion when DOGE reached its all-time high of $0.73 earlier this month.
It could belong to a single person, a group of persons, a crypto exchange (in a cold wallet), or a trading firm, as the ‘whale’ has never publicly come out. Some say it’s unlikely to be a crypto exchange wallet, however, as such wallets have both inflows and outflows of funds (the $15 billion wallet has rarely moved the Dogecoin since accumulating).
They do, however, tick two features: The whale is 1. extremely wealthy (who can punt millions of dollars into a meme asset) and 2. Shares a love for or is in line with today’s memes.
Elon Musk the ultimate HODLer?
The above, for some users on the online forum Reddit, points to one person: Tesla CEO Elon Musk. He has both the money and seems to love memes and has incessantly shilled Dogecoin on microblogging site Twitter over the past year.
Musk has previously stated DOGE is bound for the moon, has bought some of the memecoin for his youngest child, and has even accepted Dogecoin as payment for a recent SpaceX mission.
He’s not selling the dogecoin either if yesterday’s reply to a tweet is considered. “To clarify, I don’t think Elon would ever sell any of his Doge holdings. He’s the ultimate hodler,” Dave Lee, a popular Tesla investor on Twitter, said in a tweet yesterday.
“Yeah, I haven’t & won’t sell any Doge,” came Musk’s prompt reply a few minutes later.
Whether or not he is the largest holder remains unknown. But whoever holds the DOGE continues to get richer—the coin pumped 10% shortly after Musk’s tweet yesterday. Talk about getting rich off a literal meme.