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Elon Musk Believes Robinhood Is Biggest Dogecoin Whale

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Tue, 02/16/2021 - 16:57
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Alex Dovbnya
Elon Musk has weighed in on the identity of the largest Dogecoin whale
Elon Musk Believes Robinhood Is Biggest Dogecoin Whale
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Tesla CEO Elon Musk has weighed in on the identity of the top Dogecoin (DOGE) holder, tweeting that it is likely to be commission-free trading app Robinhood.

As reported by U.Today, Musk took a shot at Dogecoin’s unequal wealth distribution last week, causing its price to drop 20 percent.   

He even went as far as offering cash to the top holders of the meme-inspired cryptocurrency.

As of now, Dogecoin is the 13th largest coin with a market cap of $7.3 billion.

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Robinhood is facing mounting pressure      

Robinhood faced immense backlash after restricting GameStop trading when the darling of “yolo” traders was hitting all-time highs in late January.

Musk personally clashed with Robinhood founder Vladimir Tenev during a Clubhouse interview in early February:      

Did you sell your clients down the river, or [did] you have no choice?

Some members of the Dogecoin community found out that Dogecon’s top wallet is likely Robinhood’s cold storage last week.

With Musk chiming in, pressure is mounting on Tenev to bring more transparency to the table.

The richest Dogecoin address currently holds 28.69 percent of all coins.            

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.