A Binance cold wallet holds around 1.40 percent of the current circulating quantity of Bitcoin, while the Eth2 Deposit Contract owns 7.6 percent of all Ethereum.
But, The largest Dogecoin wallet makes them look meager It presently holds $5 billion in Doge and has a total market cap of $21 billion The wallet is completely shrouded in mystery.
It was previously thought to be of Robinhood or another crypto exchange platform, although the CEO of Robinhood has previously refuted this theory.
Dogecoin can completely collapse
Any bag with more than 23.17 percent of the total supply has enough to dump and bring a whole coin to zero. Even half of it is enough to wreak havoc and destroy fortunes.
Because of how liquidity and market caps function, even half of that amount can cause the price to plummet to unrecoverable levels.
Forkast claims that “If the 10 leading accounts possess more than 20% of a new cryptocurrency’s token, or worse, if a substantial amount of the token is held in a single wallet, it’s a symptom of a possible rug pull.”
In the case of Doge, the top 14 wallets control 46.11 percent of all Dogecoin.
Conclusion
Avoid any cryptocurrency with wallets that can pull the rug out from under the entire enterprise. Don’t allow Doge’s popularity to lull you into a false feeling of security. It doesn’t make Doge immune to rug pulls, either. Never put your finances in the hands of a single coin
We’ve all heard the saying ‘Never put all your eggs in the basket’.It’s time to apply that.
