Dogecoin naturally comes to mind when Elon Musk is mentioned in the crypto world. However, Tesla CEO Elon Musk is in trouble with accusations of ‘insider trading’ for Dogecoin. However, Musk still does not sit still. According to the data, there was 10 billion DOGE activity in Elon Musk-linked Robinhood wallets.
Is Elon Musk controlling multiple DOGE wallets?
cryptocoin.com As you follow, some investors accused Dogecoin fan Elon Musk of ‘inside trading’. The Tesla CEO faced insider trading and market manipulation charges in a class action lawsuit filed in New York on Wednesday. Despite this, there has been a large amount of DOGE movement in Elon Musk-linked Robinhood wallets.
Coincidentally, Robinhood wallets, which have been linked many times with Elon Musk, have witnessed massive reshuffling of meme coin holdings after the lawsuit. In fact, the timing of DOGE transfers during major events involving Elon Musk or Twitter has raised questions among on-chain analysts.
Meanwhile, according to the lawsuit, Elon Musk and Tesla control multiple DOGE wallets. Investors claim that Musk sold $124 million in DOGE tokens in April after replacing Twitter’s logo with Dogecoin’s. On May 26, US District Judge Alvin Hellerstein stated that defendants would not face prejudice. Thus, he implied that he would likely allow the third amended complaint. Elon Musk, on the other hand, said the case change was unfair.
DOGE mobility in Musk-linked wallets
Tagged as Robinhood on BitInfoCharts, “DPDLB” has been associated with Elon Musk many times. Even analytics platform Lookonchain shared some evidence as to why the wallet belongs to Musk. “DH5ya” transferred almost all DOGE to “DPDLB”.
Who is the owner of the largest holder of #DogeCoin?
Maybe @elonmusk.
Even though @bitinfocharts tagged $DOGE's largest holding address as “Robinhood”, I still think it's Elon Musk's address.
1.🧵
Here is some evidence. pic.twitter.com/j0nl4c4FOQ— Lookonchain (@lookonchain) November 1, 2022
Following the lawsuit, a large transfer of Dogecoin from “DPDLB” to “DDuXG” took place. On June 1, more than 9.3 billion DOGE were transferred from “DPDLB” to “DDuXG”. In addition, “DPDLB” transferred more than 8 billion DOGE to “DDuXG” on May 22 and 23. Meanwhile, he was the largest owner of the “DPDLBA” meme coin. This wallet held almost 25.24% supply of the token. The wallet address held approximately 35 billion DOGE, worth $2.6 billion, in December. In the process of Musk’s resignation as Twitter CEO, there was a big transfer to “DDuXG”.
“DEgDV” has become the largest holder of the meme coin with 19.88 billion DOGE valued at 1.42 billion. However, this happened after “DDuXG” continued to transfer DOGE to this wallet. On June 2, more than 5 billion DOGE transfers were made to the wallet. After these moves, the wallet in question currently holds 14.24% of the total supply of Dogecoin.
Recently, “DDuXG” moved 3.4 billion DOGE to “DEgDV”. This just coincided with an event on Twitter. Therefore, these transfers that coincided with Elon Musk gave rise to various speculations. At press time, the meme coin is changing hands at $0.07215, up 0.83% on a daily basis. On the other hand, DOGE could not permanently exceed the $0.10 level this year.
