Dogecoin core wallet 7 years behind Offline#

The community enjoys a substantial following on social media. The community members, who are also referred to as “Shibes” have been known for various charity donations and other altruistic causes. It makes the asset more secure and less vulnerable to the whims of a single entity, but it also allows for rumours and speculation about the coin to sometimes go unchecked.As stated above, while Dogecoin initially started as a joke, it quickly gained a lot of traction, and a very strong community was built around it, which now is one of Dogecoin’s greatest assets. The absence of a central authority is at the heart of crypto's mission. Like many cryptocurrencies, dogecoin is decentralized. However, this would be risky considering how much money is in the account. Lodder said that it's highly unlikely the account is a single person, but the best way to clear the air would be for the owner to step forward and claim the address. Read more: 'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100X trade opportunities - and shares 5 under-the-radar tokens he thinks could explode

The user traces on-chain data and hypothesizes that the address is one of Robinhood's cold storage wallets.ĭespite the Reddit post receiving 4,000 upvotes, there's still a swath of people who speculate the wallet could belong to the 'dogefather' himself, Elon Musk. One account on Reddit hypothesizes that this whale address could be one of Robinhood's many dogecoin addresses. People have published plenty of assumptions in online forums about who the address could belong to. Even if you know everything there is to know about blockchain, there's always a chance that you come to a wrong conclusion without this proof, so I'd warn everyone to be careful when publishing assumptions.' He later said in a follow-up email: 'While it is fun to speculate about the ownership of wallets, the only way to be 100% sure of who owns what is when the owner comes forward with (cryptographic) proof. 'This looks like somebody getting a lot of money into custody and putting that into a cold storage wallet so that it's more secure,' Lodder told Insider. That could also help explain why there's been plenty of additions to the address but not a lot of selling.

Dogecoin core wallet 7 years behind Offline#

An exchange that custodies a lot of doge likely won't keep it on the server, but will offload its holdings into a safer offline storage like a cold wallet. But Lodder said it's possible this type of activity means the address is a cold storage wallet for an exchange. The last time any doge left the wallet was a sale of 100 million coins in April 2021, the only such transaction of 2021.ĬoinDesk's head of research told Insider this dormant activity could mean the whale is not, in fact, an exchange, and simply an individual. The whale address has accumulated over $12 billion of doge and very infrequently sells.

'These are all jokers, that probably has nothing to do with the operator of the wallet, that's just people having fun,' he said of the 420.69 addition, and of the additions of 28.061971 dogecoins three separate times, which reference Elon Musk's birthday on June 28, 1971. Lodder, who has worked on doge since 2014, clarified that anyone can send doge to a publicly listed address, so money coming into an address is never really a 'clue' into the address' identity unless it's a very large increase. While it's fun to speculate that the address belongs to a single individual who has been surreptitiously accumulating billions of dollars of the meme currency, it's more likely that the address is associated with a cryptocurrency exchange, said Patrick Lodder, a dogecoin core developer.Īs for the funny additions to the address, like the addition of 420.69 dogecoins to the account on Tuesday, Lodder said those are likely just jokesters sending relatively small amounts of dogecoin to the well-known whale address for fun. It's accumulated 36.7 billion dogecoins since 2019 and holds about 28% of overall dogecoin supply. The story behind the world's largest dogecoin holder may be less fun than social media investors and Elon Musk fans would like.Įver since dogecoin's rally this year, news outlets (including Insider) and investors have been pondering who could be behind the $12 billion dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.