Does Elon Musk Bulk Buy Dogecoin (DOGE)?

A mysterious crypto wallet has purchased 28.061971 DOGE several times.

This number is probably linked to the date of birth of Elon Musk.

In the meantime, Musk has joined the „Not Your Keys, Not Your Coins“ club

A cryptocurrency wallet containing over $ 2 billion has been spotted buying Dogecoin (DOGE) in a rather unusual way.

An editor has revealed information showing periodic Crypto Investor transactions of identical amounts on the birthday of Tesla CEO Elon Musk .

In a subsection called r / CryptoMarkets, there is a debate over whether the wallet belongs to Elon Musk himself or someone masquerading as him.

Maybe or certainly Elon?

The majority of editors think that whoever has such a large portfolio is making everyone think it’s Musk. However, some arguments point to him as a high bidder.

Many believe that if Musk is the person behind it all, then the crypto community will witness yet another attempt to manipulate emerging markets.

BeInCrypto recently reported that more and more investors are starting to worry about the type of influence Musk has over market movements. Most notably the DOGE, whose cumulative abnormal return (CAR) peaked at 17.31% after Musk simply tweeted :

“One word: Doge”.

Update : Elon has confirmed his purchase of DOGE, although the amount of his purchase remains unclear.

At the time of writing, DOGE is trading at just over $ 0.075, a gain of just over 9% on the day, according to crypto data aggregator CoinGecko . It currently sits tenth in terms of market capitalization and has grown significantly since the GameStop saga .

Just cold storage from DOGE?

On February 4, Binance CEO Changpeng Zhao pointed out that DOGE’s distribution is “sort of centralized” with more than half of the coins held by just 20 wallets.