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Elon Musk suggests that Robinhood is a mysterious Dogecoin whale hoarding cryptocurrency

Elon Musk has added his voice to speculation that the controversial trading app Robinhood is one of the world’s largest dogecoin holders.

The meme-inspired cryptocurrency has regained popularity in recent weeks, largely thanks to recommendations from the SpaceX and Tesla CEOs.

Mr Musk, who recently overtook Amazon founder Jeff Bezos to become the richest person in the world, tweeted on Monday that he would help Dogecoin (DOGE) become the “currency of the Internet” if major owners took their stake in the Sell ​​cryptocurrency.

At the time, more than half of all Dogecoin in existence was in just 20 digital wallets, with a holder owning more than a quarter of all 128 billion Dogecoin tokens in circulation.

Since Mr Musk’s promise, some of these big owners known as “whales” appear to have either withdrawn their Dogecoin or moved it to other digital addresses.

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BitInfoCharts data shows that seven of the top 635 owners have reduced their balances since Mr Musk’s tweet, but the largest holder has increased its stake by more than 2,000 Dogecoins.

This sparked speculation in online Dogecoin forums that the largest wallet belongs to an online trading platform like Robinhood.

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After speculating on Twitter Tuesday that Robinhood is the owner of the largest Dogecoin account, Mr Musk returned to Twitter on Wednesday to fuel growing demand for a more transparent stance on the part of Robinhood’s boss.

Robinhood did not respond to a request for comment from The Independent on speculation about the digital wallet or its Dogecoin holdings.

According to the company’s website, users cannot get the private keys of their crypto holdings, which means they technically do not own them the way they would if they bought them directly from an established cryptocurrency exchange and transferred them to a digital wallet.

“We are currently not giving you access to your wallet or wallet address,” the Robinhood website states.

“You own the cryptocurrency holdings in your account and can buy or sell them at any time. We are evaluating features so you can safely transfer coins to and from Robinhood and we will update you as these features become available. “

During the same conversation about the Clubhouse app, the co-founder of PayPal said Dogecoin has the potential to gain wide adoption.

However, on Monday, Mr Musk said that large Dogecoin holders were preventing the cryptocurrency from becoming a mainstream currency.

“If big Dogecoin holders sell most of their coins, this will have my full support. Too much focus is the only real problem imo, ”he tweeted.

“I’m literally going to pay real $ if they just void their accounts.”

The reveal came just days after Tesla announced a $ 1.5 billion investment in Bitcoin, which also raised the price of the world’s most valuable cryptocurrency.

Bitcoin’s volatility is less pronounced than that of Dogecoin, partly because the cryptocurrency holdings are not concentrated in a relatively small number of wallets.

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