The last few days saw a sharp drop in the price of DogeCoin. One of the main reasons for this was the declaration of a ban on the trade of cryptocurrencies by China. However, despite the decline, DogeCoin is one of the few cryptocurrencies that has increased its prices significantly since the beginning of the year. The rise of this coin bearing the logo of Shiba Inu Dog goes mainly to Tesla and Space-X CEO Elon Musk. He has supported this coin many times on social media. In February, he warned that the biggest threat to DogeCoin was its presence in digital wallets.
His warning has once again come to the center. A report said that a DogeCoin whale account has a billion dollar reserves in spite of the decline. The DogeCoin contract address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L holds about $ 12 billion (approximately Rs 8,752 crore).
According to data from Bit info charts, Dogecoin “whale” first bought this cryptocurrency on 6 February 2019. At that point it had been trading at $ 0.0018 (about 0.13 rupees). Now this holder has about 3,671 crore Dogecoins which is 28 percent of the entire supply of this cryptocurrency.
When the market crash began fortnight ago, the entire value of this property was $ 22 billion (about Rs 16,046 crore). consistent with Coin Market Cap, DogeCoin was trading at $ 0.34 (about Rs 23) at the time of writing the news. In February this year, Elon Musk tweeted that if investors sell most of the holdings of DogeCoin, they’re going to fully support them. He said that the abundance of this currency is that the main concern.
He also said that if the investors’ accounts are completely empty, then I am ready to pay them in dollars for this as well.
In the field of finance, “whale” refers to an influence which will affect a property market by initiating an outsized number of transactions. an equivalent problem arises with whale accounts that if they begin selling their Dodge property they will very easily affect the market.
The speculation has started for this whale account. Many people have also said that Musk can be the only person who can have this account.
Dogecoin was launched in 2013. The image of Shiba Inu dog has been utilized in its logo. Billy Marcus and Jackson Parker created it together. At that point it had been launched as a joke to pay traditional banking fees. it had been valued at that point at $ 0.000232 (Rs 0.017).
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