Elon Musk calls Dogecoin “the people’s crypto”. But is it for the masses — or the elites?

An analysis of Dogecoin addresses shows nearly half the supply is owned by just 13 wallets, with two-thirds of all DOGE being held by just 104 wallets.

The biggest wallet holds an astonishing 28.4 per cent of the supply — 36 billion Dogecoins.

With Dogecoin trading this afternoon at US61.3c (79.2c in AUD), that wallet is nominally worth US$22 billion ($28.5 billion).

Of course, any attempt to sell that much Doge would quickly crash the market … something that people putting their hard-earned wages into Dogecoins might want to consider.

In contrast, the biggest Ethereum wallet holds just 5.8 per cent of the supply — and that’s an account for “wrapped Ether,” rather than one held by an individual.

It’s not clear who owns the big Dogecoin wallet. Dogecoin co-founder Billy Markus has indicated it’s not him.

The wallet was set up in 2019, when Dogecoin was trading for a fraction of what it is today – around US0.5c. It’s still been accumulating small amounts of DOGE, with 77.77 DOGE twice added today.

A Reddit thread in February speculating on who owned the wallet didn’t get far, although some suggested it could be Musk himself.

Other speculation has focused on the wallet belonging to Robinhood, the US share-trading and crypto-trading app.

But Robinhood isn’t saying.

Join our Cryptohead Facebook group to discuss all things cryptocurrency.