DOGECoin of DOOM: The Problem with DOGE
https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html
People are getting all wacky with the Doge paying lots for the irony premium.
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The problem is delineated by those wallet addresses circled in red. They hold most of the DOGE which means that the power to make or break this coin is really in the hands of some super whales.
The top DOGE addresses, wallets holding a lot of DOGE are actively moving coins in recent transactions.
Specifically, the one wallet that is circled at the top that has fewer than 30 exits.
That one whale alone owns 28 percent of DOGE.
The fact that DOGE rose is clearly, at least in large part, due to the fact that this wallet stopped selling.
That means that one person alone has the power to make or break this currency. Forget about the fact that it is the antithesis of decentralization …
According to Jacob Katsof from here, “For DOGE to have hit one dollar, it would have had to hit about 120 billion in market cap. More than 10 percent the value of Bitcoin, or more than 10 percent the value of the entire alt market cap combined….. I know people who were going all into DOGE when it was at 30 cents. I’m like dude…. Your pot odds suck! Just to double your investment, you are going to need another 60 billion invested and you better pray that dude on the island doesn’t wake up from his Call of Duty binge and sell 20 billion worth of DOGE.”
So…yeah…