Dogecoin is the first dog-based meme coin and become popular when SpaceX and Tesla owner Elon Musk started promoting this coin on his Twitter account. His tweets resulted in boosting the value of this meme coin and it become famous overnight.
Now a whole cryptocurrency market is passing from crypto winter. The first cryptocurrency Bitcoin is almost 60-70% down from its all-time high. Other Altcoins are also following a similar trend and are almost 80-90% down from their ATH value.
Now a rumor is spreading in the cryptocurrency market that claims a big crypto whale is holding almost 30% DOGE from its supply. we are going to discuss it in this post. So keep reading to know more about this claim, whether it is true or not!
An article published on Dogecoin’s official website clarifies that “A common source of FUD surrounding Dogecoin is the claim that certain wallets holding a large percentage of the supply are owned by private investors or so-called “whales”. In reality, many of the top Dogecoin wallets are cold wallets or hot wallets controlled by exchanges and brokers, and they thus represent Dogecoin held in custody for thousands – or hundreds of thousands, even – of people.”.
Dogecoin said in its blog that the maximum wallets involved in holding large amounts of Dogecoin are managed by some trading platforms. Dogecoin community identified these exchanges and brokerage platforms behind the largest wallets including the famous whale holding 30% of the supply. They found the whale wallet that contains the holding of hundreds of thousands of retail holders was split across several addresses from Oct to Nov 2021.
Some exchanges and brokerage firms offer custodial solutions and sometimes the customers of these platforms opt to hold Dogecoin on these custodial solutions. Sometimes the exchange forces its customers to not withdraw their holdings to private cold wallets. The Dogecoin community regularly asks these types of platforms to allow withdrawals on their platforms.
Dogecoin also educates its community about the benefits of holding their Dogecoin to their private wallets. The Dogecoin community also tells its customers for self custody of their dogecoin because this is safe and secure for the customer and the whole ecosystem also.