Renowned whale’s DOGE holdings of up to 30% now debunked by Dogecoin team
The Dogecoin team has put together a piece on Dogepedia that seeks to debunk the popular myth that whales hold about 30% of the Dogecoin supply.
The article reads: “A common source of FUD surrounding Dogecoin is the claim that certain wallets holding a large percentage of the supply are owned by private investors or so-called ‘whales.’ In reality, many of the top Dogecoin wallets are cold wallets or hot wallets controlled by exchanges and brokers, and they thus represent Dogecoin held in custody for thousands of people.”
as reported by doge whale alertRobinhood, the stock brokerage trading app, holds Dogecoin on behalf of its investors, which is paid at 39,788,383,750 DOGE, valued at $2,529,108,825. It represents 29.99% of the circulating supply. This seems to support the narrative that Dogecoin controls the supply, rather than “the so-called whales”.
As reported by U.Today, the recently launched new Dogecoin website features tabs under the headings: So Home, What is Dogecoin, Much Wallets, Very Community and So Dogepedia, which feature interesting and educational pieces on Dogecoin.
Dogecoin Price Action
Global markets tumbled over the weekend after Fed Chair Jerome Powell indicated that central banks remained persistent on raising interest rates at the Jackson Hole conference. As a result, bitcoin and major altcoins lost their most recent gains.
Dogecoin was not left out of the bears’ activity as it dipped to a low of $0.06 on Aug. 30. At the time of publication, Dogecoin was trading at $0.062, marginally up on the day.
According to data from IntoTheBlock on holder structure over time, 66% of Dogecoin holders have held their tokens for more than a year, 30% have held within a year, and 4% have held their tokens for over a month. held for less than Meanwhile, the percentage of Dogecoin addresses in profit has dropped to 49%.
