What Happened

A mysterious crypto whale known for holding 28% of the existing Dogecoin (DOGE-X) supply saw the value of their holdings drop to under $8 billion during the latest dip. The wallet address holds 36.7 billion DOGE, which was worth over $25 billion in May when the meme-based cryptocurrency reached a price of $0.73.

According to BitInfoCharts, the whale did not sell any of their coins at that level. However, while they did not take profits at the top, they also did not sell any DOGE when the price began to fall drastically.

Why It Matters

The curious behavior of this Dogecoin whale has sparked the interest of many in the community, who have speculated about the true identity of Dogecoin’s largest holder.

An investigation by the Dogecoin community on Reddit has suggested that the address in question is Robinhood Crypto’s cold wallet. However, CoinDesk’s head of research reportedly told Markets Insider that the wallet's largely dormant activity could mean that the whale is not an exchange, but simply an individual.

"It would be helpful for the Dogecoin community, not even just DOGE but all crypto, if there was a good way to either independently verify that the books of a custodial exchange are in order, or to have an audit report from a professional firm that does the audit and certifies that everything is fine," said Dogecoin Core Developer Patrick Lodder.

Price Action

Dogecoin lost 5.81% overnight and was trading at $0.2389 with a trading volume of $5.8 billion at the time of publication.