u.today
In a recent social media post, Mishaboar, a notable Dogecoin contributor and developer, addressed widespread speculation regarding Elon Musk's purported holdings of the popular cryptocurrency. Dismissing the notion that Musk owns a significant portion of Dogecoin, Mishaboar shed light on what was once a prevalent misconception during the previous bullish market cycle.
Mishaboar highlighted a crucial piece of misinformation that circulated during the peak of Dogecoin's popularity. He pointed out that influential figures, including Changpeng Zhao (CZ), the former CEO of Binance, and certain "genius" YouTubers, perpetuated the false claim that a single whale held 30% of Dogecoin's total supply.
However, the developer clarified that this whale was actually the cold wallet of an exchange, specifically Robinhood, containing holdings belonging to its users.
Yeah, that is correct. I think Robinhood's role in Dogecoin's popularity during the past bull market cannot be underestimated. But to their credit, also Binance helped propel Doge with their much earlier listing (I did like using their platform for buying/trading).
— Mishaboar (@mishaboar) April 8, 2024
The Dogecoin enthusiast emphasized the importance of conducting independent research and cautioned against blindly trusting authority figures or market leaders. Furthermore, Mishaboar indirectly addressed comments made by Changpeng Zhao (CZ), the former CEO of Binance, regarding Musk's purported Dogecoin holdings.
Musk vs. Zhao
While CZ had insinuated Musk's awareness of such holdings, Mishaboar suggested a broader context of discord between Binance and Dogecoin, emphasizing issues with withdrawals and alluding to strained relations between Elon Musk and CZ.
Responding to a follower's inquiry about the Tesla founder and CZ's relationship, Mishaboar hinted at discord between the two figures, with Musk raising concerns about Dogecoin withdrawals on Binance through cryptic tweets.
Rather than blindly accepting narratives perpetuated by media outlets and industry figures, Mishaboar urged DOGE enthusiasts to scrutinize claims and consider the broader implications of centralized exchanges' custodial practices.