Is Dogecoin’s top wallet Elon Musk?

Trenchcoat Economics
2 min readMay 23, 2021

Here is Dogecoin’s top wallet, holding 28.3% of all Doge.

Important dates:

The wallet began accumulating February 12, 2019

The wallet has so far has stopped accumulating since 2/4/2021

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The story publicly begins on Ark’s FYI podcast February 19, 2019. Note that this is less than one full week before the top wallet began accumulating.

To summarize two important thoughts:

“I think the Bitcoin structure is quite brilliant. I’m not sure that it would be a good use of Tesla’s resources to get involved in crypto. We’re really just trying to accelerate the events of sustainable energy. One of the downsides of crypto is that it is computationally quite energy-intensive.”

“Paper money is going away, and crypto is a far better way to transfer value than pieces of paper”

Another two weeks pass, and the first Doge tweet occurs. This historic response has *only* 12k likes

Yes, his first Doge tweet pretty much spelled it out. But it’s not as if we could’ve seen this coming in 2019. It only became obvious how seriously Elon was taking the joke about three months ago:

With a ‘rogue’ wallet controlling such a large supply, at some point it becomes unconscionable for him to continue scaling. More than a quarter of the ‘doge standard’ befitting a single, masked individual? Much wow, crypto of the people.

Which leads us back to the #1 wallet.
If it’s not Elon — he must certainly know who it is.

Or, Elon is satisfied that they’re simply complying. They stopped accumulating on Feb 4, 2021, 10 days before these tweets.

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