Mystery Surrounds Dogecoin Wallet Suspected to Belong to Elon Musk
After Twitter unexpectedly changed its logo to the Shiba Inu dog representing Dogecoin (DOGE), the crypto community's attention has turned to a mysterious wallet that once held a staggering $24 billion worth of the cryptocurrency.
Mystery Surrounds $24 Billion Dogecoin Wallet Suspected to Belong to Elon Musk
As reported by Coin68, following Twitter’s sudden switch to the Dogecoin logo on April 4, DOGE’s price surged dramatically by 37%, reaching $0.10. This price spike has led many to investigate the identity behind a wallet that previously held $24 billion worth of DOGE.
The wallet in question, known as "DH5ya," was created in 2019 and held an immense $24 billion in DOGE as of May 2021. In a class-action lawsuit alleging that Elon Musk manipulated DOGE’s price, plaintiffs have claimed that the new Twitter owner is behind this wallet.
Plaintiffs have pointed out several clues suggesting that the DH5ya wallet belongs to Musk. The wallet made a transaction of 28.061971 DOGE, which corresponds to Musk’s birthday, June 28, 1971. Another transaction spelled out "Hi Elon." The wallet also includes six transactions of 69 DOGE and two transactions of 420 DOGE. Additionally, there is an 80085 DOGE transaction, which spells "BOOBS," a typical playful joke from Elon Musk, according to the lawsuit.
Elon Musk’s camp has since denied these allegations, asserting that the wallet is owned by Robinhood, a cryptocurrency trading service. Musk's lawyers have requested the court to dismiss the $285 billion lawsuit, arguing that Musk’s statements have been "harmless" and not intended to manipulate prices.
Robinhood has not yet provided an official response. However, many speculate that Musk may have used this platform for transactions. According to Whale Alert, Robinhood’s main wallet currently holds $3.3 billion in DOGE, accounting for 24% of the circulating supply.
As of now, the DH5ya wallet holds approximately 50,300 DOGE, worth nearly $5,000, according to the DogeChain explorer. The wallet has conducted 1,309 transactions, selling off almost all of its DOGE holdings.
DOGE is currently trading at $0.096, with a market capitalization of $13.4 billion at the time of writing.
