Revolut has added dogecoin to its offering to meet booming customer demand for the meme cryptocurrency, the fintech bank said on Tuesday.
“There just aren’t enough dogs in the Revolut app…but we’re about to change that. Much Dogecoin. Such wow. How Revolut? We’re letting the DOGEs out!” the fintech bank tweeted alongside a dogecoin-inspired video on Tuesday.
Dogecoin is the 30th coin to be added to Revolut’s crypto investment offering and was released as part of the firm’s ‘New Tokens Tuesday campaign’, during which it adds a new token to its platform each Tuesday. The campaign began last week with the addition of eight Oracle and Network tokens including Polygon.
“One of the most popular user requests over the past couple of months has been to add Dogecoin and we have answered the call! We have just launched Dogecoin in-app. So now keen crypto customers and those new to the game can buy and sell this popular token.” Edward Cooper, Revolut’s head of crypto said in a statement.
The Revolut app offers banking and investing capabilities for individual and business clients. Its crypto services allow customers to buy, sell or send major cryptocurrencies like bitcoin, ether, bitcoin cash, ether and litecoin. People can use their cash balance on the app directly to buy crypto without having to use an exchange and new funds become available immediately.
Meme-cryptocurrency dogecoin has soared in value and investor recognition this year, as it has become increasingly popular on social media. Crypto investors have started to see it as a legitimate asset that has real-life applications rather than as the joke it started as.
Dogecoin is currently the sixth largest cryptocurrency by market capitalization, according to Coingecko data. It reached an all-time high of $0.731578 after a social media fueled rally in early May, but has since lost around 55% since hitting that point. Over the past week, dogecoin has lost over 11% as cryptocurrencies across the board have struggled, but it inched higher on Wednesday and was last up 0.4% in the 24 hours to 8:12 am E.T., trading at $0.331914.
Ever since dogecoin’s rally this year, news outlets (including Insider) and investors have been pondering who could be behind the $12 billion dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L. It’s accumulated 36.7 billion dogecoins since 2019 and holds about 28% of overall dogecoin supply.
While it’s fun to speculate that the address belongs to a single individual who has been surreptitiously accumulating billions of dollars of the meme currency, it’s more likely that the address is associated with a cryptocurrency exchange, said Patrick Lodder, a dogecoin core developer.
Lodder, who has worked on doge since 2014, clarified that anyone can send doge to a publicly listed address, so money coming into an address is never really a “clue” into the address’ identity unless it’s a very large increase.
“These are all jokers, that probably has nothing to do with the operator of the wallet, that’s just people having fun,” he said of the 420.69 addition, and of the additions of 28.061971 dogecoins three separate times, which reference Elon Musk’s birthday on June 28, 1971.
The whale address has accumulated over $12 billion of doge and very infrequently sells. The last time any doge left the wallet was a sale of 100 million coins in April 2021, the only such transaction of 2021.
CoinDesk’s head of research told Insider this dormant activity could mean the whale is not, in fact, an exchange, and simply an individual. But Lodder said it’s possible this type of activity means the address is a cold storage wallet for an exchange. An exchange that custodies a lot of doge likely won’t keep it on the server, but will offload its holdings into a safer offline storage like a cold wallet. That could also help explain why there’s been plenty of additions to the address but not a lot of selling.
“This looks like somebody getting a lot of money into custody and putting that into a cold storage wallet so that it’s more secure,” Lodder told Insider.
He later said in a follow-up email: “While it is fun to speculate about the ownership of wallets, the only way to be 100% sure of who owns what is when the owner comes forward with (cryptographic) proof. Even if you know everything there is to know about blockchain, there’s always a chance that you come to a wrong conclusion without this proof, so I’d warn everyone to be careful when publishing assumptions.”
People have published plenty of assumptions in online forums about who the address could belong to. One account on Reddit hypothesizes that this whale address could be one of Robinhood’s many dogecoin addresses. The user traces on-chain data and hypothesizes that the address is one of Robinhood’s cold storage wallets.
Despite the Reddit post receiving 4,000 upvotes, there’s still a swath of people who speculate the wallet could belong to the “dogefather” himself, Elon Musk.
Lodder said that it’s highly unlikely the account is a single person, but the best way to clear the air would be for the owner to step forward and claim the address. However, this would be risky considering how much money is in the account.
Like many cryptocurrencies, dogecoin is decentralized. The absence of a central authority is at the heart of crypto’s mission. It makes the asset more secure and less vulnerable to the whims of a single entity, but it also allows for rumours and speculation about the coin to sometimes go unchecked.
Those rumors can be potentially dangerous to a cryptocurrency like doge and it’s loyal investors, said Lodder. Speculation that there’s a whale could cause people to panic-sell in expectation that the whale is going to dump all of their doge, he added.
He said ultimately if the address did belong to an exchange, it would be beneficial to the dogecoin community if the exchange came forward. Most cryptocurrency exchanges don’t disclose their addresses for dogecoin or any other various cryptos.
“It would be helpful for the dogecoin community, not even just doge but all crypto, if there was a good way to either independently verify that the books of a custodial exchange are in order, or to have an audit report from a professional firm that does the audit and certifies that everything is fine,” said Lodder.
He concluded: “That’s a part of compliance that we’re not truly seeing in crypto too often.”
One millennial investor vowed to “never again” miss out on gains from hyped-up cryptocurrencies. One $500 investment later, he’s now the proud owner of 20 billion units of Australian Safe Shepherd, also known as ASS coin, Bloomberg reported.
The article described him as a “thrill-seeking amateur, goaded on by social media.” Social media platforms have become a key part of the boom in retail trading, as a recent survey showed one in five investors has used Reddit to help them make an investment decision.
Hackney, a former bar tender from Tampa, Florida, said he was part of the GameStop craze earlier this year in which an army of Reddit retail traders caused the stock to skyrocket, squeezing short sellers. As for his investment in the stock, he told Bloomberg he “was up and then, in a blink, he wasn’t.”
He invested in dogecoin, at one point, too. Dogecoin, which twisted and turned this past week amid broader market volatility, started as a social media joke about a popular meme and has since turned into a well-known altcoin.
In January, Hackney bought dogecoin at 4 cents, and the currency immediately doubled. But he couldn’t stand the wild price swings and sold his position, only to see it rocket to 70 cents earlier this month.
At that point, he vowed to never let that happen to him again, Bloomberg wrote. That’s when he put $500 into ASS coin.
Altcoins have taken hold of retail investors recently. Instead of the well-known bitcoin, many are investing in alternatives like dogecoin, litecoin, and safemoon, among others.
Earlier this week, Barstool sports founder Dave Portnoy, calling the alternatives “sh*tcoins,” invested $40,000 in Safemoon, which launched in March.
Cryptocurrency linked-stocks plummeted this week amid massive sell-offs in bitcoin and ethereum. Analysts have warned against investing in alternative cryptocurrencies, though, saying the social-media driven coins are unregulated and highly volatile.
Billionaire Mark Cuban said in a virtual appearance on “The Ellen Show” that dogecoin’s surging popularity is bizarre given its origins, but it’s a great way to understand cryptocurrencies.
He suggested host Ellen DeGeneres should use the meme currency as payment for her show’s merchandise.
“At the Mavs (Dallas Mavericks), we sell a lot of merchandise for dogecoin and you should look at it for the Ellen shop – you guys could sell a whole lot of stuff for dogecoin,” he said.
DeGeneres said she was interested in and wanted to know more about dogecoin. After the show, she tweeted that she still wasn’t sure she understood it.
“Overall, when someone brings up dogecoin to you and asks you if it’s a good investment, I would say it’s not the world’s best investment, but it’s a whole lot better than a lottery ticket, and it’s a great way to learn and start understanding cryptocurrencies,” Cuban said on the show. “And you know what? It could go up. And the second part about it is if it doesn’t go up and you want to spend it, you can buy merchandise on the Mavericks store.”
The legendary ‘Shark Tank’ investor reiterated that the meme currency is better than owning a lottery ticket. He recently said his NBA basketball team, which also accepts other cryptocurrencies, is the largest dogecoin merchant in the world – showing that it can be a viable currency.
“Bitcoin is like a digital version of gold, Ethereum is a digital version of a currency and then you got dogecoin, which is just fun,” Cuban said when asked for his views on crypto.
Dogecoin, which has limited practical utility, has seen its market cap rise to $36 billion in a blockbuster rally this year, boosted by personalities like Elon Musk. The digital asset was last trading 5% higher on the day at $0.28. It has risen by almost 12,000% in the last 12 months.
Ben Weiss, CEO of bitcoin ATM operator CoinFlip, told Insider one should never invest in anything if they aren’t willing to lose. “If you like dogecoin and think it could be a viable currency in the future, or are fans of the idea and the movement, go ahead and invest in it. If you don’t like it or think it’s a fad, don’t invest in it,” he said.