Dogecoin has been the talk of the cryptocurrency town for months on end and in recent times, crypto enthusiasts have been discussing the largest holder in the Dogecoin economy. An address with 36.7 billion dogecoin has recently amassed 797 DOGE this week and 3,755 coins during the last month. Crypto speculators think this wallet is a massive whale, while others have assumed it’s Elon Musk or the trading platform Robinhood’s dogecoin cold storage.
Random Whale, Elon Musk, or Robinhood? Why the Dogecoin DH5ya Address Is Still an Unsolved Mystery
The cryptocurrency dogecoin has had a phenomenal year so far in 2021, as the meme-currency that features the face of the Shiba Inu dog has gained 15,617% year to date against the U.S. dollar. In recent times, dogecoin tapped an all-time high at $0.73 more than 13 days ago, but has since dropped to roughly $0.36 per unit. Despite the crypto market rout during the last week, dogecoin (DOGE) has held up well and is still up 25% over the last 30 days. However, one of the biggest complaints about the dogecoin economy is the massive amount of DOGE whale addresses currently possess.
— Elon Musk (@elonmusk) February 15, 2021
One specific address is famous for a variety of reasons, and the biggest reason is that the dogecoin address “DH5ya” is by far the largest DOGE owner. The owner of this address is a mystery, even though a great number of the members of the Reddit forum r/dogecoin believe otherwise.
For instance, the DH5ya dogecoin address was talked about incessantly at the beginning of 2021 on the r/dogecoin forum. Three months ago, the Redditor called “u/andreifromaberta” posted about the DH5ya address mystery being “solved.”
The person who started the thread notes that he believes the address is owned by Robinhood, the stock and cryptocurrency exchange platform. Essentially, the Redditor Andrei thinks that everything started on June 26, 2018, and says “Robinhood Crypto starts preparation for dogecoin trading launch by creating the DQA5 address.” Andrei believes that the DQA5 address is Robinhood’s hot wallet while the DH5ya address is a cold storage wallet. With over 4,100 upvotes on Reddit, the “Mystery Solved” thread was popular and a widely believed theory.
Dogecoin Whale Address Still Makes Headlines, Address Spends 100 Billion DOGE in 21 Transactions Worth Over $40 Million
Despite the theory being believed by a great number of people, no one is truly certain that the DH5ya DOGE address is Robinhood’s wallet. The DH5ya address still makes headlines in cryptocurrency publications to this very day, and people are still speculating on its movements.
At press time, the DH5ya address is still the richest dogecoin address, as it currently holds 36.7 billion dogecoin (DOGE). 797 DOGE was obtained by the address owner during the last seven days and it also collected 3,755 coins in 30 days. Since the address was created it has only sent 21 separate transactions out of the wallet, but has received 1,123 incoming transactions in total.
The DH5ya DOGE address has sent a total of 100,434,958 DOGE worth over $40 million using today’s dogecoin exchange rates. Elon Musk, the CEO of Tesla has been an ardent supporter of dogecoin and back in mid-February he tweeted that he “will literally pay actual [dollars] if they just void their accounts.” The Tesla CEO also added that “too much concentration is the only real issue” with the DOGE ecosystem.
Robinhood CEO Vlad Tenev Discusses Company’s Crypto Positions
This May has shown the public that the assumptions about the DH5ya whale address belonging to Robinhood may be wrong and merely speculation.
Despite all the armchair sleuths pointing to coincidental evidence that the DH5ya address is Robinhood’s, Robinhood Markets CEO Vlad Tenev put an end to that speculation in a May 6 “fireside chat.” Tenev said that the company only provides customers with access to their specific holdings and further stated:
We don’t have significant positions in any of the coins that we keep on a proprietary basis or anything like that.
Because no one can officially confirm that the DH5ya address is Robinhood’s DOGE cold storage wallet, the address owner remains a complete mystery. Some people will continue to believe the address belongs to Musk himself, while others will still wholeheartedly think the address belongs to Robinhood.
A quote from Tom Robinson, cofounder of blockchain surveillance firm Elliptic, that published in Bloomberg in February notes that the DH5ya dogecoin address was created in June 2018, and Robinhood did in fact invoke DOGE trades the following month.