DogeCoin is pumping. And it’s highly centralized with one address owning 27% of the supply.

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DogeCoin is pumping. And it’s highly centralized with one address owning 27% of the supply.

Do people understand DogeCoin is highly concentrated with 27% of the supply held in a single address?

Warning: Dogecoin, the coin that Elon Musk likes to pump is highly concentrated with one address owning 27% of the supply.

You read that right, a single Dogecoin address is holding 27%:

https://decrypt.co/56616/what-we-know-about-the-dogecoin-address-that-holds-27-of-its-supply

This goes against cryptos general decentralization efforts and has even prompted the CEO of Binance to raise some concerns:

https://twitter.com/cz_binance/status/1357259732000538628

“Risks: 1 address holds 27% of all #DOGE. Top 20 addresses holds more than 50%+ of all #DOGE Kinda "centralized" in that sense.”

It is not entirely clear if this address is abandoned or active, but it raises legitimate concerns about a super-whale cashing out and becoming a fiat billionaire, as well as leaving many crypto enthusiasts holding the bag. If you invest in dogecoin, invest with this risk in mind.

submitted by /u/carlo_on_fire
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