For comparison, the largest Bitcoin wallet is the Binance coldwallet and it holds approximately 1.40% of the current circulating supply while the largest Ethereum wallet is the Eth2 Deposit Contract which holds 7.6% of all Ethereum.The largest Dogecoin wallet, which currently holds $5 Billion in Doge of its $21 Billion market cap is very mysterious. It was thought to be Robinhood or some other exchange but that has previously been dismissed by the Robinhood CEO himself.Doge wallet with 23.17% of the entire circulating supplyAny wallet that holds over 23.17% of the current supply has more than enough to rug pull an entire coin to near zero. Even half of that can cause the price to crash to unrecoverable levels due to how liquidity and market caps work.According to Forkast,For new cryptocurrencies, if the top 10 wallets hold more than 20% of the token, or worse, a large percentage of the token is held in a single wallet, then this is a dangerous sign of a potential rug pull.For Doge, the top 14 wallets own 46.11% of all Dogecoin.TLDR: Avoid any Cryptocurrency that has wallets capable of rug pulling the entire project. Don't let a false sense of security take over just because Doge is popular. It still does not make Doge immune to rugpulls. Never let yourself be at the mercy of a single wallet.EDIT: The amount of people on the comments claiming it to be the Robinhood wallet DESPITE Robinhood's CEO publicly stating the company does not hold that much Doge as far back as May is the same argument Shib shillers make. It is careless copium. https://ift.tt/3ApQIo1 the fact that some people find safety in a company like Robinhood is just stupid.
Submitted January 19, 2022 at 05:03AM
No comments:
Post a Comment