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 City on Wednesday.
Coincidently, Robinhood wallets that are many occasions linked to Elon Musk witnessed huge reshuffling of Dogecoin (DOGE) property after the lawsuit. In reality, 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
According to the lawsuit, Elon Musk and Tesla management a number of Dogecoin wallets. Investors allege Musk bought $124 million of DOGE tokens in April after he modified Twitter’s emblem to Dogecoin’s emblem.
Elon Musk mentioned the modification of the lawsuit was unjustified. On May 26, U.S. District Judge Alvin Hellerstein said that he would seemingly enable the third amended grievance, 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 nearly all DOGE to “DPDLB.”
Who is the proprietor of the biggest holder of #DogeCoin?
Maybe @elonmusk.
Even although @bitinfocharts tagged $DOGE‘s largest holding handle as “Robinhood”, I nonetheless suppose it is Elon Musk’s handle.
1.????
Here is a few proof. pic.twitter.com/j0nl4c4FOQ— Lookonchain (@lookonchain) November 1, 2022
After the lawsuit, a large reshuffling of Dogecoin from “DPDLB” to “DDuXG” occurred. Over 9.3 billion DOGE have been transferred from “DPDLB” to “DDuXG” on June 1. Also, “DPDLB” transferred over 8 billion DOGE to “DDuXG” on May 22 and 23.
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“DPDLBA” was the biggest holder of Dogecoin and holds nearly 25.24% provide. The pockets handle held nearly 35 billion DOGE price $2.6 billion in December. CoinGape Media earlier reported a large switch to “DDuXG”, which could possibly be associated to Elon Musk stepping down as CEO of Twitter.
“DEgDV” has develop into the biggest holder of Dogecoin, with 19.88 billion DOGE price 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 whole Dogecoin provide.
Recently, “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 worth continues to commerce sideways above $0.07 and has did not cross the $0.10 stage. The worth presently trades at $0.071.
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