The mysterious dogecoin whale that owns more than 28% of the circulating supply of the cryptocurrency has seen the value of its holdings decline by 67% from its peak, to $8.2 billion on Monday.
The whale’s address owns nearly 37 billion dogecoins, which were worth more than $24 billion in early May. But a far-reaching crypto meltdown has led to a steep decline in the value of the meme-inspired cryptocurrency in recent weeks.
Enthusiasm around dogecoin peaked at about the same time Tesla CEO Elon Musk hosted “Saturday Night Live” and referred to dogecoin in a skit, as many crypto traders had expected. But since then, little has been able to stimulate demand for the cryptocurrency, and 5 billion dogecoins come into existence every year.
The dogecoin whale has not shed holdings since the cryptocurrency peaked at $0.74 last month. In fact, the address has consistently added dogecoin in small increments. On Monday, the address added one dogecoin to its wallet. That followed additions of various “meme” amounts, including 4.20 dogecoins on June 10 and 6.9 dogecoins on June 9.