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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 instances linked to Elon Musk witnessed huge reshuffling of Dogecoin (DOGE) belongings after the lawsuit. In truth, 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 offered $124 million of DOGE tokens in April after he modified Twitter’s brand to Dogecoin’s brand.

Elon Musk stated 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 criticism, indicating that the defendants wouldn’t face prejudice.

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

Who is the proprietor of the biggest holder of #DogeCoin?

Maybe @elonmusk.

Even although @bitinfocharts tagged $DOGE‘s largest holding tackle as “Robinhood”, I nonetheless suppose it is Elon Musk’s tackle.

1.🧵
Here is a few proof. pic.twitter.com/j0nl4c4FOQ

— Lookonchain (@lookonchain) November 1, 2022

After the lawsuit, an enormous reshuffling of Dogecoin from “DPDLB” to “DDuXG” occurred. Over 9.3 billion DOGE had 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 virtually 25.24% provide. The pockets tackle held virtually 35 billion DOGE value $2.6 billion in December. CoinGape Media earlier reported an enormous switch to “DDuXG”, which may very well be associated to Elon Musk stepping down as CEO of Twitter.

“DEgDV” has turn out to be the biggest holder of Dogecoin, with 19.88 billion DOGE value 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 degree. The worth at present trades at $0.071.

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Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the large potential of those modern future applied sciences. He is at present overlaying all the newest updates and developments within the crypto business.

The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.