Mysterious Whale Accumulates More DOGE
A mysterious whale has been accumulated an additional 420.69 dogecoins on Tuesday. The dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L has a total holding of 36.7 billion dogecoins since 2019. According to reports, the wallet has already $15B worth of DOGE (dogecoin) and now holds 28% of the altcoin’s total supply.
In a tweet by Elon Musk, he stated that the wallet could belong to exchanges and even mentioned Robinhood for that matter.
My understanding is that the big accounts are exchanges. Would be good to confirm though. Am told the biggest one is Robinhood.
— Elon Musk (@elonmusk) May 16, 2021
In reaction to Musk’s tweet, Binance founder CZ replied that the wallet does not belong to Binance or to any other exchanges.
Elon, the top one (with 30% of total supply) does NOT belong to @Binance. I seriously doubt it belongs to another exchange based on usage pattern, etc. I could be wrong. Who told you? Might want to check your source. All the best.
— CZ 🔶 Binance (@cz_binance) May 16, 2021
As for Robinhood, CEO Vlad Tenev and crypto COO Christine Brown already stated that it only held digital assets for its customers but does not invest in crypto but no comment was made regarding the wallet.
But some speculations are also circulating that the wallet might actually belong to Elon Musk himself. For one, its latest purchase “420” and “69 hints that the person who is in on the joke is making the purchases. Also, the address added 28.061971 dogecoins three separate times which stands for Elon Musk’s birthday on June 28, 1971.
DOGE (dogecoin) is Musk’s favorite crypto and chose it over BTC (bitcoin). On May 8, the price of DOGE (dogecoin) plummeted during Musk’s live appearance on SNL. Its price dropped to as low as $0.48 from its peak price of $0.75 a day before. With the ongoing market correction, DOGE (dogecoin) is now at $ 0.393115 in data by Crypto.co.
Environmental Advocate Greenpeace No Longer Accepts BTC as Donation
Greenpeace, a non-government organization that is committed to preventing environmental abuses will stop accepting BTC (bitcoin) donations.
There has been a long-running debate on the energy consumption of bitcoin mining over the years but it is only now that Greenpeace has made a stand on the issue.
In September 2014, Greenpeace announced that its US organization will start accepting BTC (bitcoin) with a partnership with BitPAy. It was the first major charity institution to accept BTC (bitcoin) as a donation at that time.
But today the environmental advocacy group seems to have finally grasped the effect of bitcoin mining on the bloating energy consumption worldwide.
On Thursday, in a report by the Financial Times, the group stated:
“As the amount of energy needed to run bitcoin became clearer, this policy became no longer tenable.”
Another environmental advocate, Friends of the Earth is also considering the issue according to the media outlet.
On May 13, Elon Musk announced the removal of the cryptocurrency as payment for the purchase of Tesla cars. He cited the environmental effect of BTC (bitcoin) with the use of dirty energies like coal. After his tweet, the price of BTC (bitcoin) tremendously dropped and caused the whole crypto market to crash.
The entry of institutional investors into the crypto market has resulted in the increased demand for other cryptocurrencies like BTC (bitcoin). Hence, bitcoin mining became one of the most lucrative investments in the industry. According to reports, there are one million bitcoin miners that operate worldwide with most of them found in China.
Iran Deploys Spies to Hunt Down BTC Illegal Miners
In line with its effort to crack down BTC (bitcoin) illegal miners in the country, the Iranian government has now deployed its spies. The recent move was a countermeasure to the country’s soaring energy consumption brought by high demand.
According to Bloomberg, The Ministry of Intelligence spearheaded the setting up committees to locate and seize illegal mining farms citing a report by the Iranian Students’ News Agency.
In October 2020, the country amended its laws on cryptocurrencies and legalized BTC (bitcoin) mining in the country to counter the US sanction and boost its economy. It offers subsidized energy to its populace making it a lucrative market for crypto mining. But due to spiking demand for energy coupled with less hydro production resulted in a power shortage. Due to this, the country was forced to cut short the supply of its energy services.
The Iranian authorities have confiscated hundreds of computers illegally operated for cryptocurrency during a crackdown. Mining hardwares were found hidden in houses, garages, and industrial units according to the state media.
In a report by the Tehran Times, the government also forbids the use of household electricity for mining and violators will be faced with heavy fines.
Wharton School Receives Bitcoin from Anonymous Donor
On Thursday, Wharton School received a $5M worth of BTC (bitcoin) from an anonymous donor. According to the University of Pennsylvania, this is by far the biggest donation in cryptocurrency they have received since it started accepting crypto in 2021. The donation will be used to support the programs related to innovation in finance by the Wharton Business School.
But the market volatility can reduce the amount of any cryptocurrency donation. When asked by Decrypt how the university addresses the issue, according to a spokesperson, the donations were typically sold the moment it is received. And this is facilitated by the school’s VP of Development and Alumni Relations under John Zeller. Also, countermeasures were taken to avoid crypto donations from getting affected by fluctuating market prices.
“There is protection for us on the downside. We have what we needed to support the budget, and we’ll just see where it goes in the future.”
Penn’s President Amy Gutmann made a heartwarming statement on the newest crypto donation to the university.
“As the nature of philanthropy continues to evolve, Penn stands at the forefront of innovative ways to make a difference in the world. I am deeply grateful for this creative and groundbreaking gift to support the important work of the Stevens Center. At the Center, the intersection of finance and technology is being reinvented through research, exploratory projects, and engagement with industry leaders, to make the greatest global contributions.”