The dogecoin market has a pack leader.
Data shows that a person or entity owns about 28% of all cryptocurrencies in circulation – a stake of about $ 2.1 billion at current prices. The identity of the holder is unknown, which is common in the opaque world of digital currencies.
It’s hard to say what to make of this gigantic position in what has long been a small and niche corner of the cryptocurrency world.
Dogecoin was founded in 2013 as a satirical tribute to bitcoin. The developers were working on the meme of a Shiba Inu dog with bad spelling habits. It was not designed to be used as a form of payment, or as anything other than a joke. In early 2021, a dogecoin was worth about half a cent even when bitcoin prices had soared to nearly $ 30,000.
Things have changed this year. Dogecoin surged in popularity after business and pop culture icons, including Tesla’s Chief Executive Officer Elon Musk, rapper Soulja Boy, and “Malcolm in the Middle” star Frankie Muniz, began promoting it online. It is not clear what caught their attention.