Does Elon Musk Holds DOGE?

The number of addresses holding dog-themed meme coin Dogecoin has increased massively in December amid the crypto market rally. DOGE price has rallied almost 25% as traders anticipate ending the year with at least a 100% rally. While the rich list has not changed much this year, here are the top holders of Dogecoin.

Robinhood — Largest Holder of Dogecoin

The largest Dogecoin wallet “DEgDV” has 32.96 billion DOGE (worth $3.05 million). It accounts for 23.15% of the total DOGE supply. It is known to be the cold wallet of Robinhood. DEgDV became the largest holder of Dogecoin in June after billions of DOGE tokens were transferred from “DDuXG”.

Amongst the top 20 Dogecoin rich list, Robinhood wallets contain max number of DOGE supply. “DPDLB” tagged as Robinhood on BitInfoCharts is often linked to Elon Musk, with analyst Lookonchain even sharing some evidence of why he thinks the wallet belongs to Musk. “DH5ya” transferred almost all DOGE to “DPDLB.”

Top Dogecoin Wallets

According to Dogecoin distribution data on BitInfoCharts, only a single wallet contains more than 10 billion DOGE; 11 wallets have 1-10 billion DOGE; and 4590 wallets hold 1 million to 100 million DOGE.

Among the top 5 wallets, 3 wallets are linked to Robinhood. Binance is the 3rd largest wallet and Cryptsy crypto exchange is the 4th largest wallet.

Dogeparty-XDP burned, Kraken, Bybit, and some Dogecoin whales are among the largest holders of DOGE. Binance Hot Wallet is ranked 45th, with 273 million DOGE. The top 10 wallets account for 48.90% of DOGE supply.

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How DOGE Price Will Perform Next Year

DOGE price rallied 85% this year and 23% in December, with the price currently trading near $0.93 after hitting $0.10 last week. Furthermore, the daily trading volume increased from under 200 million to above $1 billion in November and December.

Analysts expect a further upside move in DOGE price amid the next wave of market rally, potentially in January when spot Bitcoin ETF approvals push up the crypto market cap.

Furthermore, the community expects Dogecoin integration for payments on Elon Musk’s X platform, DOGE-1 mission, and whale accumulation to increase prices in 2024.

Also Read: Dogecoin Price Skyrockets Ahead Of DOGE’s 10th Anniversary, What’s Next?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.