Dogecoin Team Officially Clears Air on Rumours of Whale Holding Almost 30% of Doge Supply 

Dogecoin Team Clears Air on Rumours.

Dogecoin remains one of the top meme coins in the Crypto community. While the asset has benefited from promotions in the past, bad PR has also pumped FUD into the DOGE community. The Dogecoin team thought it necessary to officially address one of these concerns – a rumor that a whale holds almost 30% of all DOGE supply.

The team put up an article dubbed, “A whale holds nearly 30% of Dogecoin supply! Is this true?” on the FAQ page of the official Dogecoin website in an attempt to clear the air. “A common source of FUD surrounding Dogecoin is the claim that certain wallets holding a large percentage of the supply are owned by private investors or so-called ‘whale,'” the article says.

According to the article, the renowned whale wallet is, in fact, an exchange wallet. The wallet contains hundreds of thousands of retail investors’ holdings, as opposed to the rumors of a single investor. Having a single whale holding a massive portion of an asset’s supply does not paint the project in good light.

Doge team writes:

“As it turned out, that infamous whale wallet, which was split across several addresses in October/November 2021, contains the holdings of hundreds of thousands of retail holders.”

This revelation aligns with the rumors that circulated in November of 2021. Apparently, a Reddit user noted that the infamous Whale wallet actually belongs to Robin Hood – an American brokerage platform. Additionally, the Dogecoin article highlighted that exchanges and brokerage platforms own most of the top Dogecoin wallets. 

Furthermore, the team pointed out the problems most DOGE holders face when withdrawing their coins from these exchanges. They used the opportunity to remind the community of the necessity of employing self-custody. The recent issues that plagued exchanges and lenders in this Crypto Winter also underline this necessity.

Ever since the PR from billionaire Elon Musk cooled off, DOGE has had to weather the storm single-handedly. So far, the asset has been doing quite well, but the current bear market has stunted its growth. Dogecoin is currently down 63% from its value at the start of the year. Notwithstanding, this is better than the performance of most assets in the markets.

The month of August has not been particularly favorable to Dogecoin. After reaching its 3-month peak of $0.088 on August 16, DOGE has steadily declined to record lows. The asset currently trades at 0.062 at the time of reporting. The last time DOGE went this low was on July 27.