A wallet of a Dogecoin crypto whale holding large amounts of the meme token that carries about 28 percent of total DOGE supply is rumored to be owned by the Robinhood exchange, and not Tesla and SpaceX CEO Elon Musk as previously believed.

Dogecoin Community Probe Links Robinhood Test Transaction to Controversial Whale Wallet

The Dogecoin community launched a probe recently and found out that the address behind Robinhood's 420.69 DOGE wallet test transaction is linked to the much talked about Dogecoin whale wallet that carries 4.1 billion DOGE ($892 million). This whale account previously held 36.7 billion DOGE, according to a Benzinga report.

Dogecoin-focused Twitter user Mishaboar said in a tweet that as investigators in the Doge community followed the trails from Robinhood's first test transaction, they confirmed that the largest Dogecoin wallet and other associated wallets are in fact "Robin Hood's cold wallet."

Mishoboar then said, "That whale hoarding 30%? It's you (Robinhood)."

Speculations arose in early May that Robinhood is the Dogecoin whale, with Mishoboar saying that the current probe confirms that the "infamous" account holding 30 percent of Dogecoin supply is "indeed Robinhood's cold wallet."

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In February, the crypto wallet was subject of much controversy, particularly in the Dogecoin community that expressed concern about DOGE being unequally distributed.

A Wall Street Journal report said that it had identified records that reveal that a crypto whale owned around 28 percent of all Dogecoin supply, which is worth about $2.1 billion at that time. Many believed the whale wallet was owned by the "Dogefather" Musk.

The issue heightened when Musk said that once top Dogecoin holders sell off most of their tokens, this will get his full support because "too much concentration is the only real issue."

Elliptic chief scientist and founder Tom Robinson also claimed in a Bloomberg report that his data pointed directly at Robinhood as the alleged owner of the Dogecoin whale account. Robinson, saying that the wallet "certainly belongs to Robinhood," arrived at that conclusion after observing that the timing of the wallet's creation and the creation of the address that the brokerage received funds from, "matched the timing of Robinhood's support of Dogecoin."

Dogecoin on Saturday plummeted 2.61 percent to $0.199902 in the last 24 hours, as per CoinDesk's real-time tracker.

Robinhood Debunks Links to Dogecoin Whale Wallet

While Robinhood has not released any statement on the present Dogecoin community probe on the matter, it had previously debunked reports linking them to the whale account.

In a MarketWatch report in May, Robinhood Markets CEO Vlad Tenev tried to dispel rumors that Robinhood could be the Dogecoin whale, which allegedly hoards an enormous amount of DOGE for its own benefit.

Tenev said that the coins Robinhood holds "are for the purposes of sort of providing access in holdings for our customers." He added that the brokerage firm does not have "significant positions in any of the coins that we keep on a proprietary basis."

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