Dogecoin’s five biggest whales are now sitting on over $3 billion worth of the meme-inspired cryptocurrency — up from a measly $40 million at the start of the year.
One of the Dogecoin whales, which we’ve dubbed “Bs4,” is alone holding more than 3.1 billion DOGE, the equivalent of $1 billion at today’s prices.
Bs4 stands out. The other four whales accumulated most of their DOGE in years prior, long before it ever saw $0.10.
But billion-dollar Dogewhale Bs4 only received its first DOGE this year.
- Bs4’s first deposits were tiny: 100 DOGE each on Feb 6 and 7.
- Feb 8 saw a taint-flexing one billion DOGE hit Bs4, worth $119 million at the time.
- Today, one billion DOGE is worth over three times that amount.
Some believe Bs4 could belong to one of Elon Musk’s sons. The Tesla billionaire tweeted he’d bought some Dogecoins for his birthday one day after that billion DOGE deposit.
Two out of five Dogecoin whales appear to be selling
But while Bs4 has grown their stash from 1 billion to over 3.1 billion DOGE in just two months, they’ve also moved to cash some out.
Protos tracked 106.4 million DOGE sent from Bs4 on April 12 to an address believed to be Robinhood’s hot wallet. That amount was worth $7.8 million at the time but today would fetch almost $42 million.
- We calculated Bs4 spent $262 million to acquire around 3.2 billion DOGE (if bought around the same time they were deposited).
- Bs4 now contains 3.1 billion DOGE ($1.2 billion).
- This means Bs4 is sitting on about $1 billion in unrealized profit.
Yep, despite Dogecoin’s insane market moves, only one other Dogecoin whale with over 1 billion DOGE has apparently sold any at all — address PEz.
PEz seems to have sold more Dogecoin than the other whales
PEz acquired their first Dogecoins in January 2019, and similarly to Bs4 the address received small sums at first before an enormous 5 billion DOGE deposit worth $10.7 million.
This would be PEz’ only significant receipt.
- 3.27 billion DOGE has been siphoned since then, some to potential exchanges.
- PEz’ withdrawals were together worth $148 million at their corresponding times.
- PEz has 1.73 billion DOGE left, valued at $553 million at time of writing.
The other three whales are yet to withdraw any DOGE at all. Either they have very strong hands or they’ve lost access to the associated private keys.
At press time, these five Dogecoin whales control roughly 6% of Dogecoin’s supply (about 8 billion DOGE).
All the larger addresses have been linked to crypto exchanges, including the top one which contains over 25% of circulating Dogecoin. It’s thought trading app Robinhood uses it for storing collateral.
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