Tesla CEO and Dogecoin fan Elon Musk is being accused of insider buying and selling and market manipulation in a category motion lawsuit filed in New York Metropolis on Wednesday.
Coincidently, Robinhood wallets that are many occasions linked to Elon Musk witnessed huge reshuffling of Dogecoin (DOGE) belongings after the lawsuit. Actually, the timing of Dogecoin transfers throughout main occasions associated to Elon Musk or Twitter raised questions amongst on-chain analysts.
Elon Musk Accused of Controlling Many Dogecoin Wallets
In keeping with the lawsuit, Elon Musk and Tesla management a number of Dogecoin wallets. Buyers allege Musk bought $124 million of DOGE tokens in April after he modified Twitter’s brand to Dogecoin’s brand.
Elon Musk stated the modification of the lawsuit was unjustified. On Might 26, U.S. District Decide Alvin Hellerstein acknowledged that he would possible enable the third amended criticism, indicating that the defendants wouldn’t face prejudice.
“DPDLB” tagged as Robinhood on BitInfoCharts is many occasions linked to Elon Musk, with analyst Lookonchain even sharing some proof of why he thinks the pockets belongs to Musk. “DH5ya” transferred virtually all DOGE to “DPDLB.”
Who’s the proprietor of the most important holder of #DogeCoin?
Perhaps @elonmusk.
Though @bitinfocharts tagged $DOGE‘s largest holding handle as “Robinhood”, I nonetheless suppose it is Elon Musk’s handle.
1.🧵
Right here is a few proof. pic.twitter.com/j0nl4c4FOQ— Lookonchain (@lookonchain) November 1, 2022
After the lawsuit, an enormous reshuffling of Dogecoin from “DPDLB” to “DDuXG” occurred. Over 9.3 billion DOGE have been transferred from “DPDLB” to “DDuXG” on June 1. Additionally, “DPDLB” transferred over 8 billion DOGE to “DDuXG” on Might 22 and 23.
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“DPDLBA” was the most important holder of Dogecoin and holds virtually 25.24% provide. The pockets handle held virtually 35 billion DOGE value $2.6 billion in December. CoinGape Media earlier reported an enormous switch to “DDuXG”, which could possibly be associated to Elon Musk stepping down as CEO of Twitter.
“DEgDV” has turn into the most important holder of Dogecoin, with 19.88 billion DOGE value 1.42 billion. It occurred after “DDuXG” continues to switch DOGE to this pockets. On June 2, over 5 billion DOGE was transferred to the pockets. The pockets now holds 14.24% of complete Dogecoin provide.
Not too long ago, “DDuXG” moved 3.4 billion DOGE to “DEgDV” which additionally coincided with a Twitter-related occasion. These transferred coinciding with Elon Musk has raised a number of speculations.
DOGE value continues to commerce sideways above $0.07 and has did not cross the $0.10 degree. The worth at the moment trades at $0.071.
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