Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
There is a prime suspect about the identity of the owner of the world’s largest Dogecoin cryptocurrency wallet, and it’s a name that should be familiar: Robinhood Markets.
The timing of the creation of the first digital wallet to be used for storage will follow in June 2018 with Robinhood’s offering Dogecoin commerce to its customers in July of that year. That’s according to blockchain data tracker Elliptic and echoed by online sleuths on Reddit’s Dogecoin forum.
“It’s almost certainly Robinhood,” said Tom Robinson, chief scientist and co-founder of Elliptic. “The timing of the creation and creation of the addresses from which it has received money matches the timing of Robinhood’s support of Dogecoin.”
Dogecoin is up more than 950% since the start of the year from less than half a cent to more than five cents a coin as Reddit users have flocked to the cryptocurrency based on the meme of a smiling Shiba Inu.
The wallet owner, who controls nearly 29% of the Dogecoin in circulation, became a topic of attention thereafter Tesla Inc. Chief Executive Officer Elon Musk tweeted that “too much concentration” is the cryptocurrency’s only real problem before saying he would pay the largest holders to “void their accounts.”
Musk tweeted his suspicion that Robinhood could be the largest holder on Tuesday, and later backed up calls for Robinhood CEO Vlad Tenev to explain the broker’s past decisions to curbing trading of GameStop Corp. stock and Dogecoin during January’s market mania.
As attention spiked Wednesday around who owned the largest Dogecoin wallet, Robinhood tweeted that it wouldn’t confirm which addresses are theirs.
A Robinhood spokeswoman did not immediately respond to a request for comment.