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