In today’s crypto world, Dogecoin is one of the popular cryptocurrencies that was launched in 2013. It uses the image of a Shiba Inu dog to present its logo. The value of Dogecoin was boosted with the support from Elon Musk who is the CEO of Tesla and endorsed the crypto meme from February 2021. As per the report of CoinMarketCap, one Dogecoin’s current value is $0.35 which is around Rs 26 in India. However, like others, Dogecoin cryptocurrencies are also marred with ‘whales’ as very few people are holding the majority of such coins.
‘Whales’ can be said to those individuals who are holding a large number of digital coins or cryptocurrencies. It makes them strong enough that they become able to manipulate the valuation of cryptocurrencies which results in the volatility of the price. Currently, the Dogecoin ‘whale’ account is holding nearly $12 billion which has the value of Rs 8,752 crore in India, founding itself highlighted. Despite all the recent drop in such cryptocurrency value, the ‘whale’ account has only the holdings intact.
According to Bitinfocharts data, the Dogecoin ‘whale’, has the address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L, bought its first Dogecoin on Feb 6, 2019. At that time, the value of a Dogecoin coin was $0.0018 which is around Rs 0.13 in India. However, currently, the same account is holding coins of Rs. 3,671 crore which is around 28 % of the total Dogecoins supply. Two weeks ago, before starting the downfall in the cryptocurrencies, this Dogecoins whale account was holding the Dogecoins worth $22 billion which is a huge value.