In the past days, Twitter CEO Elon Musk has come to the fore by replacing the logo of the social media platform with the DOGE logo. This move allowed the price of the popular meme coin to reach $0.1. Now, suspicious movements have drawn attention in the altcoin wallet allegedly linked to Elon Musk. Here are the details…
Is Elon Musk the person behind this wallet?
cryptocoin.com As we reported, Twitter’s sudden replacement of its logo with the Dogecoin symbol caught the attention of the crypto community. After this move, the price of Dogecoin (DOGE) suddenly increased by 37 percent to $ 0.1. This price increase has drawn attention to a mysterious wallet that once held $24 billion worth of DOGE. The wallet named “DH5ya” was created in 2019 and reportedly holds a large amount of DOGE until May 2021. In a class action lawsuit accusing Elon Musk of DOGE’s “market manipulation”, plaintiffs claimed Twitter’s new owner was behind this wallet.
Plaintiffs noted several indications that DH5ya belonged to Musk, including a transaction of 28.061971 DOGE, corresponding to Musk’s birthday on June 28, 1971, and a transaction that read “Hi Elon.” Six transactions of 69 DOGE and two transactions of 420 DOGE were also processed from this wallet. Additionally, there was a transaction of 80085 DOGE, alluding to the word “BOOBS,” a classic Musk joke. However, Musk denied these allegations and claimed that DH5ya is owned by Robinhood, a company that provides crypto trading services. Robinhood has yet to give an official response to these allegations. However, many still think that Musk is using the platform to trade.
5 thousand dollars DOGE left in wallet
On the other hand, Musk’s lawyers also demanded that the court drop the $258 billion compensation case, stating that Musk’s previous statements were “jokes” and did not aim to manipulate the price. As we have reported, this court seems to be still active. Robinhood’s main wallet currently holds 3.3 billion DOGE, which is 24 percent of the circulating supply, according to Whale Alert data.
Meanwhile, according to DogeChain explorer, DH5ya currently has 50,300 DOGEs in his wallet worth about $5,000. With 1309 transactions, the wallet has sold almost all of its DOGE. As a result, it is still unclear who this mysterious wallet belongs to, and time will tell whether the claims against Musk will be true. The spike in the price of DOGE also highlights the volatile nature of cryptocurrencies and the potential for market manipulation.
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