Elon Musk-Linked Robinhood Wallets Moves Over 10 Billion Dogecoin

Tesla CEO and Dogecoin fan Elon Musk is being accused of insider trading and market manipulation in a class action lawsuit filed in New York City on Wednesday. Coincidently, Robinhood wallets which are many times linked to Elon Musk witnessed massive reshuffling of Dogecoin DOGE/USD assets after the lawsuit. In fact, the timing of Dogecoin transfers during major events related to Elon Musk or Twitter raised questions among on-chain analysts.

Elon Musk Accused of Controlling Many Dogecoin Wallets

According to the lawsuit, Elon Musk and Tesla control multiple Dogecoin wallets. Investors allege Musk sold $124 million of DOGE tokens in April after he changed Twitter’s logo to Dogecoin’s logo.

Elon Musk said the amendment of the lawsuit was unjustified. On May 26, U.S. District Judge Alvin Hellerstein stated that he would likely allow the third amended complaint, indicating that the defendants would not face prejudice.

“DPDLB” tagged as Robinhood on BitInfoCharts is many times linked to Elon Musk, with analyst Lookonchain even sharing some evidence of why he thinks the wallet belongs to Musk. “DH5ya” transferred almost all DOGE to “DPDLB.”

After the lawsuit, a massive reshuffling of Dogecoin from “DPDLB” to “DDuXG” happened. Over 9.3 billion DOGE were transferred from “DPDLB” to “DDuXG” on June 1. Also, “DPDLB” transferred over 8 billion DOGE to “DDuXG” on May 22 and 23.

“DPDLBA” was the largest holder of Dogecoin and holds almost 25.24% supply. The wallet address held almost 35 billion DOGE worth $2.6 billion in December. CoinGape Media earlier reported a massive transfer to “DDuXG”, which could be related to Elon Musk stepping down as CEO of Twitter.

“DEgDV” has become the largest holder of Dogecoin, with 19.88 billion DOGE worth 1.42 billion. It happened after “DDuXG” continues to transfer DOGE to this wallet. On June 2, over 5 billion DOGE was transferred to the wallet. The wallet now holds 14.24% of total Dogecoin supply.

Recently, “DDuXG” moved 3.4 billion DOGE to “DEgDV” which also coincided with a Twitter-related event. These transferred coinciding with Elon Musk has raised several speculations.

DOGE price continues to trade sideways above $0.07 and has failed to cross the $0.10 level. The price currently trades at $0.072.

Image by Kanchanara on Unsplash