Just One Wallet Owns Close to $10 Billion Worth of Dogecoin (DOGE)

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According to analyst Conor Grogan’s observation, a single Robinhood wallet holds approximately $9.3 billion in the cryptocurrency Dogecoin (DOGE).

Robinhood has a single wallet with almost $10B of dogecoin in it

— Conor (@jconorgrogan) January 9, 2025

For quite some time, the pioneering meme-based cryptocurrency, boasting a market value of approximately $46 billion, has been widely cherished by Robinhood’s user community.

In 2021, Dogecoin became a major source of income for the platform, contributing substantially to its earnings.

The meme coin saw an enormous surge in value as a result of persistent interest on social media platforms, particularly from high-profile figures like Elon Musk and other influencers.

Due to the extreme excitement and guesswork surrounding cryptocurrencies, Robinhood had to momentarily halt trading for a while in the past.

In late 2024, Robinhood also started supporting Dogecoin transfers in the EU. 

Since initially featuring Dogecoin in 2018, Robinhood has expanded its platform to accommodate rival meme tokens like Shiba Inu (SHIB) and Dogecible (WIF), respectively.

Who is the biggest Dogecoin holder? 

Overall, Robinhood’s wallets own roughly a third of Dogecoin’s total circulating supply.

There’s a chance that a sole individual might control the largest Dogecoin wallet, but it appears rather improbable.

Last year, according to blockchain analysis by Lookonchain, it was proposed that billionaire entrepreneur Elon Musk might be the biggest Dogecoin owner. This suggestion was made due to the unusual correlation between his social media posts and the timing of these transactions.

This would make the billionaire the biggest Dogecoin market maker. 

Previously, it’s been verified that Elon Musk possesses DOGE coins. Nevertheless, the exact number of tokens he holds remains unknown.

Over the last year, the value of Dogecoin (DOGE) has generally remained fairly stable following a significant surge during the final three months of that period. At present, it’s trading around $0.316.

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2025-01-09 23:35