Dogecoin - A single wallet holds almost a third of the cryptocurrency
Dogecoin: A single wallet holds almost a third of the cryptocurrency
The Dogecoin (DOGE) course recently caused a sensation. However, there are now considerable doubts about its decentralized nature. In addition to Binance CEO CZ, Cameron Winklevoss also takes the floor.
The course of the Dogecoin (DOGE) has caused a lot of excitement within the last week. In just one day, the price increased tenfold from $ 0.007 to a new all-time high of $ 0.07. More turbulent days followed. DOGE is currently trading at $ 0.045. The reasons for the rally are the posts by Tesla boss Elon Musk and the Reddit users from the r / wallstreetbets group. BTC-ECHO also reported on the incidents.
Now the head of Binance named CZ speaks out in the Dogecoin (DOGE) case. According to media reports, he provided a list of the advantages and disadvantages of the currency. The fact that the charismatic Tesla boss Elon Musk is acting as the de facto PR manager for DOGE has contributed significantly to the popularity of the meme coin, according to CZ. Because there is no real “core team” at Dogecoin, the DeFi character is also very pronounced. However, he mentions a risk as a point that casts decentralization into considerable doubt. Because a good 27 percent of all Dogecoins are stored in a single wallet. Who that could be - whether maybe even the great Doge fan Musk is behind it - is unclear. In addition, 20 wallets hold more than half of all DOGE coins.
Social media posts ensure a turbulent price trend
The sources cited by CZ are freely accessible to everyone. In fact, it is easy to check on blockchair.com that a single address currently holds more than 36 million Dogecoins (out of a total of 78.8 million). Other wallets will follow, some of which are well into the seven-digit range. If you subject the course of the course to a detailed analysis, you come to the conclusion that the price movements of DOGE are fast and violent, especially when many posts about the meme coin are circulating on social media. Therefore, the price is unlikely to be immune to further volatile developments in the near future.
Of course, CZ is not the only size in the crypto business that has made a statement about Dogecoin. The co-founder of the Gemini crypto exchange, Cameron Winklevoss, sees the sudden hype as a signal for the financial market of the future.