Bitcoin, Cryptocurrency, Currency, Economy, Technology, Trading

Elon Musk May Own Mysterious Address With $3B In Dogecoin

Ever since the emergence of dogecoin and the infatuation between Elon musk and dogecoin which is a meme-based cryptocurrency, quite a good number of people have been analyzing the asset deeply.

 A mysterious address with $3B in dogecoin Sent a cryptic binary message that seemed to be targeted at Elon Musk.

Recently, it was reported that a mysterious Dogecoin wallet has absorbed more than 27% of dogecoin’s total supply since February 6, 2019.

The Dogecoin wallet has $3 billion worth of crypto and has been creating odd transactions having binary messages.

There are speculations that the address of the wallet might be that of Elon Musk.

Why DogeCoin?

Dogecoin was originally created as a joke cryptocurrency that took its name from a doge internet meme.

A picture that shows a Shiba Inu dog talking comic san font.

The idea behind the creation of dogecoin was to have fun and be silly using cryptocurrency that was so cheap enough to joke around with. Each coin was worth about a fraction of a cent.

Dogecoin fans already nicknamed themselves shibes and gathered on Reddit forums where they would actually tip each other with Dogecoins for comments they found amusing.

This Reddit forum blossomed into charity and they successfully raised nearly $30000 worth of dogecoin around January 2014 to send to a Jamaican bobsled team ahead of the 2014 winter Olympics.

“Doge4water” another project raised the sum of $32000 to supply clean water to an African country Kenya.

This was done by simply creating magical internet money, selling it for bitcoins then proceed to sell bitcoins for dollars which were amazingly feasible at the level of a bubble.

Well, even fun money is money and a toy cryptocurrency can be converted into real money; if not infinite, the supply of gullibility is deep.

The First Hit

So the shibes here started fantasizing about becoming rich for free while the hucksters moved in.

And soon after, someone called Alex Green joined the Dogecoin community.

Alex Green had set up a cryptocurrency exchange in the United Kingdom known Moolah, to manage Dogecoins as well as other cryptocurrencies.

Most users of dogecoin tipped single dogecoins, which was worth a fraction of a penny but Alex Green on the contrary gave tips of thousands of dollars.

Alex Green started the journey of selling shares in Moolah on the dogecoin platform.

Green threatened to sue the original Dogecoin founders for harassment because they questioned his use of dogecoin in this manner.

Moolah was shut down in October 2014, and Green disappeared with all the money.

It was later announced that Green was actually serial scammer Ryan Kennedy, who had a long history of creating false and scammy start-ups that raised funds and vanished in the long run.

Apart from being a serial scammer, Kennedy is also a serial rapist; he was convicted in May 2016 of three records of rape and was jailed for 11 years.

Although the remaining members’ Dogecoin community recovered, the founders had since been driven away long ago and continued playing with their coin, unnoticed by the world until earlier in 2021.

Work was stopped on the Dogecoin code, the software was barely even maintained after the work was stopped.

A Sudden Rise Of The Doge

In the cryptocurrency markets, dogecoin was just looked at as another altcoin.

One with a low-volume, nearly a complete worthless token that gamblers and day traders could swap anytime they wish for other cryptocurrencies.

nothing exciting happened except making a few pennies from swapping dogecoin.

As Bitcoin started going through another major price pump, rising from $19,000 in December 2020 to just over $48,000 in 2021, other cryptocurrencies have hitched a rise in its growth curve.

Cryptocurrencies especially altcoins have come along for the rise, and one of the beneficiaries of this rise has been Dogecoin which has been heavily promoted on Twitter in the past couple of weeks by Tesla CEO Elon Musk.

Before now in the early 2010s altcoin scene, lots of Bitcoin fans successfully created their own magical internet money, in order that they too could get rich for free by simply copying the Bitcoin software, adding a few adjustments in order to change a few details, and launch a new coin that could trade for bitcoins.

Dogecoin pronounced as dozhe-coin was a slightly tweaked copy of Litecoin, which Litecoin itself was a slightly tweaked copy of Bitcoin.

Dogecoin was developed in December 2013, at the height of the first big bitcoin bubble.

Cryptocurrencies were not actually useful for anything except trading.

The cryptocurrency markets were thinly traded, and regulators were actually absent.

So sometimes manipulation and price pumping movements had become endemic.

DogeCoin Pump Thanks To Elon Musk

Elon musk dogecoin

The Pump and dump cycles have been around since the emergence of these digital coins could first be traded in exchange for money.

The recent pump in the bitcoin price rise was, for a long while, was curiously lacking in the ordinary retail trading volume, until the numbers became high enough to attract press headlines and make the public view something real was going on in the bitcoin market space.

When the Reddit community ad  Wallstreet bets finally drove stock in GameStop to its all-time highs in mid-January.

Cryptocurrency pumpers saw in the audience of Reddit, that they have been hoping to see for a long time now.

They saw people who did not truly understand what was actually going on and what they were doing and who would put in their own money hoping they were striking a big blow against the big players, while still having fun doing so.

The cryptocurrency dogecoin since its creation has catapulted seeing much more value and shibes everywhere have been really surprised.

The founder of Tesla, Elon Musk which is considered the richest man on earth, has been one individual who has created a whole lot of hype around the meme-based crypto-asset dogecoin.

Elon Musk has not been the only one, as people followed by the hypes have placed signs in Times Square in New York telling people in the city they should “buy DOGE.”

On social media recently, there are many dogecoin fans who are actually shilling the token relentlessly in an attempt to get the price to $1 and it’s hoped to get there soon before the end of 2021.

A Mysterious Shibe Or Elon Musk?

In addition to the wide growing popularity of dogecoin, Bitcoin news recently reported on the billion-dollar DOGE address that consumed over 27% of the entire supply since 2019 and rumor has it that the address belongs to Elon Musk.

Over a month later, after the address received its first transaction on February 6, Musk said on Twitter that “dogecoin might be my favorite cryptocurrency”.

shibe tweets

The dogecoin address believed to belong to Musk has managed to gather around 36.8 billion DOGE worth $3 billion since the statement was made,

Recently, speculators have assumed that the dogecoin address belongs to the Tesla founder based on the hypes he has given to dogecoin.

On Reddit, through the subreddits cryptomarkets and dogecoin, individuals have been discussing heavily, the mysterious address once again.

People have begun to take note that the owner of the address has been constantly sending odd transactions, some of those transactions can be transcribed into binary code.

Although One person who attempted to figure out the binary code message said he could not translate the binary code, and that a lot of the code was “gibberish.”

Other individuals have discovered that a set of transactions displayed Elon Musk’s birth date.

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