Dogecoin (DOGE) Rally: Does Elon Musk Actually Own DOGE?

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Last Updated on December 26, 2023 by Bitfinsider

During the crypto market rise in December, the number of addresses holding the dog-themed meme coin Dogecoin grew dramatically. DOGE price has risen over 25% as traders expect the year to end with a 100% rally. While the rich list has not altered significantly this year, here are the top Dogecoin holders.

“DEgDV” is the largest Dogecoin wallet, with 32.96 billion DOGE (worth $3.05 million). It represents 23.15% of the entire DOGE supply. It is known as Robinhood’s chilly wallet. DEgDV surpassed “DDuXG” as the largest Dogecoin holder in June after transferring billions of DOGE tokens.

Among the top 20 Dogecoin rich list, Robinhood wallets have the most DOGE supply. “DPDLB” identified as Robinhood is frequently associated to Elon Musk, with analyst Lookonchain even offering some proof of why he believes Musk owns the wallet. “DH5ya” transferred nearly all of the DOGE to “DPDLB.”

According to  Dogecoin distribution data, only one wallet contains more than 10 billion DOGE; 11 wallets possess 1-10 billion DOGE; and 4590 wallets contain 1 million to 100 million DOGE.

Three of the top five wallets are tied to Robinhood. Binance is the third-largest wallet, and Cryptsy is the fourth-largest wallet.

Dogeparty-XDP, Kraken, Bybit, and various Dogecoin whales are among the top DOGE holders. With 273 million DOGE, Binance Hot Wallet is placed 45th. The top ten wallets control 48.90% of the DOGE supply.

DOGE’s price has risen by 85% this year and 23% in December, and it is now trading near $0.094 after reaching $0.10 last week. Furthermore, in November and December, the daily trade volume surged from less than $200 million to more than $1 billion.

Analysts predict that the DOGE price will rise further during the next wave of market surge, which might occur in January when spot Bitcoin ETF approvals increase the crypto market size.

In addition, the community anticipates that Dogecoin integration for payments on Elon Musk’s X platform, the DOGE-1 mission, and whale accumulation will drive up prices in 2024.

How to buy or trade DOGE on ProEX

You can buy or trade DOGE on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade DOGE as a spot pair (DOGE/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade DOGE/USDT at ProEX Spot

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.