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.
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?
Tom Lee: Stablecoins Could Be Largest Buyers of GoldXRP Holders Didn't Panic Despite 50% Price Drop, Peter Brandt Issues Bullish Verdict on Bitcoin (BTC), Shiba Inu (SHIB) Back in 2023 — Crypto News Digest13 Years Strong: XRP on the Verge of 100 Million LedgersMorning Crypto Report: Bitcoin to Lose 50% Against Gold? SEC to Decide on 6 XRP ETFs in 5 Days, Binance Announces $283 Million Repayment
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.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team