Dogecoin is a memecoin meaning it was created just for fun. However over the years, it has grown to become more than just a joke cryptocurrency. In fact, it is one of the major crypto assets investors are interested in for a few reasons.
First, it is still a relatively low cap asset, with its market cap currently at $13 billion. This means it has much more room to grow in value in the years to come. Secondly, the crypto has the support of top billionaires like Elon Musk and Mark Cuban.
These two can help to create new use cases for Dogecoin that will make it more relevant in the future, leading to an increase in value.
For example, if Musk goes through with his plans to make twitter an all-encompassing commerce platform, it is speculated that Dogecoin may become a native currency on the platform, and the rest is history.
Among those who believe in the future of Dogecoin are corporate investors, some of which hold massive amounts of the coin. The following are the top five wallets with the highest amount of Dogecoin in the world.
Robinhood Wallet
Robinhood is the largest holder of DOGE in the world with several wallets. However, this particular wallet holds the highest amount of DIGE overall.
It has 32 billion DOGE, which is roughly 23.4% of the total DOGE supply worth roughly $3 billion based on current rates.
The transactions of the wallet suggest that it is a cold wallet, as all of its transactions except for one have been incoming transactions. This is what cold wallets are used for – storing large amounts of crypto assets offline.
The first transaction to it was in May of 2023, and has been periodically receiving transactions since. The transactions follow a specific pattern, with a fixed amount of DOGE.
Unknown Whale
Following far behind Robinhood Wallet is an unknown whale wallet holding 7.9 billion DOGE. This represents about 5.6% of DOGE total supply and is worth about $724 million at current rates.
This wallet got its first DOGE transaction in November 2022, and continues to receive transactions of several million DOGE on a fairly regular basis.
The wallet also sends out DOGE transactions occasionally with large amounts of coins. Since its first transaction, the wallet has received 11.4 billion DOGE, while it has sent out about 3.4 billion DOGE, leaving the total of 7.9 billion DIGE.
Binance Wallet 2
Binance is also a major holder of DOGE, as seen by one of its wallets being the third largest holder currently. This wallet holds 6.4 billion DOGE worth about $588 million currently.
The wallet first became active in July 2019 when Binance first listed Dogecoin for trading on its platform.
In 2023, it only received a few transactions each month, with each transaction containing millions of dollars worth of DOGE. This suggests that like Robinhood’s wallet, this may be a cold wallet.
Cryptsy Exchange
Cryptsy exchange is the fourth largest holder of DOGE. The wallet holds 5 billion DOGE, worth about $459 currently. It is interesting to note that Cryptsy Exchange is now defunct, having filed for bankruptcy in 2016.
The wallet received its first transaction in January of 2014, when Dogecoin was in its very early stages, and has made only one outgoing transaction since.
The exchange is still in a legal process that will pay back its customers’ funds, which may include the DIGE held in this wallet.
Robinhood Wallet 2
This second Robinhood wallet holds 4.6 billion DOGE, currently worth about $422 million. It has been engaging in large transactions usually involving tens of millions of DOGE each.
It is however more active than the first Robinhood wallet, having received 42.9 billion DOGE and sent out 38.2 billion DOGE in total.
Because of the large transactions that characterize this wallet, its balance can change dramatically in a short time.
