- A far-reaching
crypto meltdown has led to a 70% decline indogecoin since its peak in early May. - A mysterious whale owns about 28% of the dogecoin supply.
- The value of its holdings had plummeted to $8.2 billion as of Monday from $24 billion in May.
- $4.
The mysterious $4 whale that owns more than 28% of the circulating supply of the cryptocurrency has seen the value of its holdings decline by 67% from its peak, to $8.2 billion on Monday.
The $4 owns nearly 37 billion dogecoins, which were worth more than $24 billion in early May. But a far-reaching crypto meltdown has led to a steep decline in the value of the meme-inspired cryptocurrency in recent weeks.
Enthusiasm around dogecoin peaked at about the same time Tesla CEO Elon Musk hosted "Saturday Night Live" and referred to dogecoin in a skit, $4. But since then, little has been able to stimulate demand for the cryptocurrency, and 5 billion dogecoins come into existence every year.
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One crypto expert has said the dogecoin whale $4. There has also been speculation that Robinhood is behind the dogecoin address.
Despite the decline in dogecoin, many still see potential for the cryptocurrency to hold utility as a viable form of payment. Several businesses now accept dogecoin, including the NBA's Dallas Mavericks and MLB's Oakland Athletics.
Several people have recently responded to $4. Charles Hoskinson, the creator of Cardano, said that, $4.
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While the volatility in dogecoin is likely to continue, so too is the resilience of the mysterious dogecoin whale. Despite the 70% decline in dogecoin since its peak, the cryptocurrency is up 4,508% year-to-date.