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Elon Musk-Linked Robinhood Wallets Moves Over 10 Billion Dogecoin

Massive reshuffling of Dogecoin (DOGE) in Robinhood wallets after Tesla CEO Elon Musk faces insider trading lawsuit.
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Elon Musk-Linked Robinhood Wallets Moves Over 10 Billion Dogecoin

Tesla CEO and Dogecoin fan Elon Musk is being accused of insider trading and market manipulation in a class action lawsuit filed in New York City on Wednesday.

Coincidently, Robinhood wallets which are many times linked to Elon Musk witnessed massive reshuffling of Dogecoin (DOGE) assets after the lawsuit. In fact, the timing of Dogecoin transfers during major events related to Elon Musk or Twitter raised questions among on-chain analysts.

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Elon Musk Accused of Controlling Many Dogecoin Wallets

According to the lawsuit, Elon Musk and Tesla control multiple Dogecoin wallets. Investors allege Musk sold $124 million of DOGE tokens in April after he changed Twitter’s logo to Dogecoin’s logo.

Elon Musk said the amendment of the lawsuit was unjustified. On May 26, U.S. District Judge Alvin Hellerstein stated that he would likely allow the third amended complaint, indicating that the defendants would not face prejudice.

DPDLB” tagged as Robinhood on BitInfoCharts is many times linked to Elon Musk, with analyst Lookonchain even sharing some evidence of why he thinks the wallet belongs to Musk. “DH5ya” transferred almost all DOGE to “DPDLB.”

After the lawsuit, a massive reshuffling of Dogecoin from “DPDLB” to “DDuXG” happened. Over 9.3 billion DOGE were transferred from “DPDLB” to “DDuXG” on June 1. Also, “DPDLB” transferred over 8 billion DOGE to “DDuXG” on May 22 and 23.

Also Read: Hong Kong To Get Its First Spot Bitcoin ETF

“DPDLBA” was the largest holder of Dogecoin and holds almost 25.24% supply. The wallet address held almost 35 billion DOGE worth $2.6 billion in December. CoinGape Media earlier reported a massive transfer to “DDuXG”, which could be related to Elon Musk stepping down as CEO of Twitter.

DEgDV” has become the largest holder of Dogecoin, with 19.88 billion DOGE worth 1.42 billion. It happened after “DDuXG” continues to transfer DOGE to this wallet. On June 2, over 5 billion DOGE was transferred to the wallet. The wallet now holds 14.24% of total Dogecoin supply.

Recently, “DDuXG” moved 3.4 billion DOGE to “DEgDV” which also coincided with a Twitter-related event. These transferred coinciding with Elon Musk has raised several speculations.

DOGE price continues to trade sideways above $0.07 and has failed to cross the $0.10 level. The price currently trades at $0.071.

Also Read: LUNC News: Terra Classic Community Votes On Proposal “Vision Plan for LUNC to $1”

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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