The floating profit exceeds 15 billion US dollars. This Dogecoin address may be related to Musk

Four months ago, members of the Dogecoin community began to pay attention to the address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L because the number of Dogecoins it held exceeded 1/4 of the total. Even at the price at the time, the value of these Dogecoins exceeded US$230 million.

So someone posted a question:

“Who is the whale behind this Dogecoin address?”

Some speculated that this was an exchange, while others said it was Robinhood's address, but data showed that the first transaction at this address occurred on February 6, 2019, while Robinhood started trading Dogecoin in 2018.

Later, as the address accumulated more and more Dogecoins, some people analyzed its transactions. The following is an example of a transaction at block height 3594401:

“
By querying the information of these transactions, we can see that the coins in this address all come from the same address: D8vFz4p1L37jdg47HXKtSujChhP9f3doTK.
…I think it’s some kind of blockchain address of a broker like Binance or Robinhood.
…and after Elon’s tweet, a total of 500 million Dogecoins were transferred from the wallet…
”

As of now, the Dogecoin address starting with DH5 holds more than 36.7 billion DOGE, accounting for 28.34% of the total circulation of Dogecoin. According to the current market price, the value of these Dogecoins exceeds 17.1 billion US dollars. According to bitinfocharts data, there are 1,103 input transactions and 21 output transactions in this address. According to calculations, the total Dogecoin holding cost of this whale address is about 440 million US dollars, and the cost of each coin is about 0.0119 US dollars.

(Data from bitinfocharts.com/dogecoin/address/DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L)

Interestingly, Tesla founder Elon Musk also started calling for Dogecoin in 2019.

This inevitably reminds people of the relationship between Elon Musk and this giant whale address.

On May 9, 2021, Elon Musk said on Saturday Night Live that he would give Dogecoin to his mother Maye Musk as a Mother's Day gift. Maye Musk first said that she was looking forward to the Mother's Day gift, but hoped that it would not be Dogecoin. However, Musk replied: "It is Dogecoin."

On Mother's Day, a Dogecoin address starting with DG6XW received 2.7 billion Dogecoins, worth more than $1.29 billion.

There are signs that these whale addresses are more or less related to Elon Musk, but based on this alone, we cannot confirm that they belong to the same person.

From supporting Bitcoin to shorting Bitcoin, what is Musk trying to do?

In February of this year, Tesla announced that it had spent $1.5 billion to purchase Bitcoin and accepted Bitcoin as a payment method for its electric vehicles. Influenced by this news, Bitcoin experienced a wave of increases.

Recently, Elon Musk suddenly announced that he would stop accepting Bitcoin as a payment method, and tweeted that the company has or will soon sell its Bitcoin holdings. In addition, Elon Musk also criticized Bitcoin for being environmentally unfriendly and initiated a vote to support Dogecoin as a payment method for Tesla.

After this wave of operations, cryptocurrencies such as Bitcoin plummeted and the market fell into panic.

So what exactly happened that led Ma Yilong to short Bitcoin?

Back on May 9, Barry Silbert, the founder of DCG and Grayscale, posted a tweet calling on everyone to exchange Dogecoin for BTC and stated that they had shorted Dogecoin through FTX (this sentence was the fuse).

What Ma Yilong hates most is someone shorting his holdings, especially institutions.

This may also explain his recent actions of constantly shorting Bitcoin. His purpose is to fight back against Grayscale and other institutions that short Dogecoin. From a rational point of view, this may also mean that Ma Yilong's Dogecoin holdings have exceeded his Bitcoin holdings. So we can boldly guess that the only address that meets this condition seems to be DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.

And the profit of more than 15 billion US dollars is enough to make Ma Yilong crazy about Dogecoin.

Musk and his dream of creating a god

Obviously, the title of "Iron Man of Silicon Valley" can no longer satisfy Elon Musk's ambition. After experiencing the sweetness of "Twitter governing currency", Elon Musk also attempted to create a god of the currency world. For this purpose, he chose Dogecoin, which was once regarded as a joke by many people.

At least for now, his "god-making plan" is successful, but what will happen next? I don't know.

But from a religious perspective, Satoshi Nakamoto, who chose to leave the public eye, seems to be superior. Dogecoin VS Bitcoin? Sorry, I still choose Bitcoin.