The owner of the world’s richest Dogecoin (DOGE) address is counting paper losses running into billions of dollars following the collapse of cryptocurrency prices.
On May 8th, when Shiba-Inu themed meme coins were performing particularly well, the top Dogecoin address on record hit a peak value of $25,729,177,492 as the asset’s price rose above $0.70.
However, in late-May the crypto markets crash and are continuing to botch recovery attempts.
At time of writing, Dogecoin is trading at around $0.22, which means that same address now holds roughly $7,932,579,604, nearly $18 billion less than it did at Dogecoin’s peak.
While the deposits into the address vastly outnumber the withdrawals, there was an outflow from the address in the run-up to the memecoin hitting a record high. On April 12th, when the memecoin was trading at seven cents, over 100 million Dogecoin worth over $7 million was withdrawn from the address.
The address which holds more than a quarter of the total Dogecoin in circulation first recorded a deposit in 2019. While the address holds approximately 28.23% of the memecoin in circulation, the second-richest Dogecoin address holds just 3.87% of the existing supply.
The owner of the largest Dogecoin address still remains a mystery. Last month speculation was rife that the address belonged to Tesla CEO Elon Musk.
The world’s third-richest person, in turn, suggested that the owner of the address was Robinhood. The trading platform’s CEO and co-founder Vladimir Tenev, however, disputed this postulation, claiming that Robinhood does not hold “significant positions” in any of the digital assets it supports.
Binance CEO Changpeng Zhao also denies that the Dogecoin address is owned by the behemoth marketplace or any other cryptocurrency exchange.
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