Twitter suddenly swapped the hallowed “blue bird” for Dogecoin’s logo, drawing the attention of the crypto community. Immediately following the move, the price of Dogecoin (DOGE) surged 37% to $0.1.
The appreciation of DOGE has also drawn the community’s attention to a mysterious wallet containing $24 billion worth of DOGE.
The wallet, dubbed “DH5ya,” was created in 2019 and reportedly holds a significant amount of DOGE until May 2021. Plaintiffs say Twitter’s new boss is behind the wallet in a class-action lawsuit accusing Elon Musk of “manipulating the market” DOGE.
Source: Blockchainair.com
The plaintiff pointed to several indications that DH5ya belonged to Musk, including a DOGE transaction 28.061971, corresponding to Musk’s birthday on June 28, 1971, and a transaction that read “Hi Elon.” The wallet also has six transactions of 69 DOGE and two transactions of 420 DOGE. Also, there was a deal 80085 DOGE, alluding to the word “BOOBS,” a classic Musk joke.
The So-Called $24 Billion Mystery #Dogecoin Link to Elon Musk’s wallet $ Governor https://t.co/X952Cn1RZ2
— Kyptos (@azcoinnews) April 5, 2023
However, Musk has denied the allegations and said DH5ya is owned by Robinhood, a company that provides cryptocurrency trading services. Musk’s lawyers also asked the court to dismiss the $285 billion lawsuit, saying Musk’s previous statement was “tit for tat” and had no intention of manipulating prices.
Robinhood has not formally responded to the allegations. However, many still speculate that Musk uses the platform for transactions. According to Whale Alert data, Robinhood’s main wallet currently holds 3.3 billion DOGE, accounting for 24% of the circulation.
Meanwhile, DH5ya’s wallet currently holds around 50,300 DOGE, worth nearly $5,000, according to browser DogeChain. After 1309 transactions, the wallet sold almost all of its DOGE holdings.
All in all, the ownership of the mysterious wallet is unclear, and it remains to be seen whether the allegations against Musk are true. The sudden rise in the price of DOGE also highlights the volatility of cryptocurrencies and the potential for market manipulation.
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board take
according to Kyptos
