{"id":181897,"date":"2021-02-18T20:15:38","date_gmt":"2021-02-18T17:15:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-reddit-thinks-robinhood-is-the-2-billion-dogecoin-whale\/"},"modified":"2021-02-18T20:15:38","modified_gmt":"2021-02-18T17:15:38","slug":"why-reddit-thinks-robinhood-is-the-2-billion-dogecoin-whale","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-reddit-thinks-robinhood-is-the-2-billion-dogecoin-whale\/","title":{"rendered":"#Why Reddit thinks Robinhood is the $2 billion dogecoin whale"},"content":{"rendered":"

“#Why Reddit<\/a> thinks Robinhood is the $2 billion dogecoin whale<\/strong>”<\/p>\n

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Reddit may have unmasked the top doge.<\/p>\n

Cryptocurrency enthusiasts on the site think Robinhood \u2014 the investing app<\/a> at the center of last month\u2019s Game<\/a>Stop stock frenzy \u2014 is the owner of a digital wallet stuffed with nearly $2 billion in dogecoin.<\/p>\n

The account \u2014 which controls about 29 percent of all the dogecoin currently in circulation \u2014 entered the spotlight this week after Tesla chief Elon Musk raised concerns about \u201cconcentration\u201d in the meme-inspired cryptocurrency\u2019s ownership.<\/p>\n

A user called \u201cAndreiFromAlberta\u201d claimed to have solved the mystery in a lengthy post<\/a> on Reddit\u2019s dogecoin-focused message board.<\/p>\n

The wallet in question was created in February 2019 \u2014 about seven months after Robinhood started offering dogecoin trades \u2014 and received large amounts of dogecoin from other accounts that appear linked to Robinhood, according to the post.<\/p>\n

\u201cIt almost certainly belongs to Robinhood,\u201d Tom Robinson, co-founder and chief scientist of the blockchain data firm Elliptic, told Bloomberg News<\/a>, which reported on the speculation Wednesday. \u201cThe timings of its creation, and the creation of the addresses that it received funds from, match the timings of Robinhood\u2019s support of Dogecoin.\u201d<\/p>\n

Musk himself appears to support the theory. In response to a Tuesday tweet positing that Robinhood might be the wallet\u2019s owner, he said<\/a>, \u201cSounds like it is.\u201d<\/p>\n

The account\u2019s holdings have exploded in value as the price of dogecoin surged from less than a penny at the start of the year to about 5 cents as of Thursday even though the digital coin was started as a joke.<\/p>\n

If the wallet is Robinhood\u2019s, it\u2019s likely just being used for storage purposes. The California-based startup says it uses its own wallets to hold the cryptocurrencies that users buy and own through its platform.<\/p>\n

But Robinhood refused to say whether it\u2019s the dogecoin whale.<\/p>\n

\u201cJust like other crypto platforms, for operational security reasons and to protect customer privacy, we will not confirm which addresses do or do not belong to us,\u201d the company said in a statement<\/a> it posted on Twitter Wednesday.<\/p>\n

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A Reddit user called \u201cAndreiFromAlberta\u201d claimed to have solved the dogecoin mystery.<\/figcaption>
Yuriko Nakao\/Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n

Robinhood also said it does not currently invest in cryptocurrency or use any of its customers\u2019 cryptocurrency for its own benefit.<\/p>\n

A Robinhood spokesperson declined to comment further.\n <\/p><\/div>\n