Biggest Friend.tech whale dumps tokens as users struggle to claim airdrop

Biggest Friend.tech whale dumps tokens as users struggle to claim airdrop

The largest airdrop recipient on Friend.tech has sold all their tokens just hours after the airdrop, leading to concerns over the token’s price action.

Just hours after the Friend.tech airdrop went live on May 3, the largest whale, known as “Murphys1d,” sold over 55,000 of the newly-issued Friend tokens, blockchain data shows.

Beyond the sell-off, some users were unable to claim their airdrop tokens, including crypto investor Luke Martin, who wrote in a May 3 X post:

“Watching the value of my airdrop go from 7 figures to 5 figures in the span of 2 hours while I keep refreshing the page trying to claim….still can’t claim. Adds insult to injury.”

Martin added that the whale wallet seems to be linked to a fake X account with no activity, enabling it to farm over 500,000 Friend.tech points risk-free.

The new Friend.tech (FRIEND) token has fallen over 52.5% since its launch, from $3.26 to just $1.32 as of 9:50 am UTC. The token’s price fell over 32% in the last hour before publication, according to CoinGecko data.

While the selling by the largest Friend.tech whale may impact the market in the short term, it doesn’t necessarily dictate a token’s long-term trajectory, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero. Lian told Cointelegraph:

“While it might cause a short-term dip in price due to increased supply and potential panic selling, it doesn’t always mean a long-term downtrend. To me, it is a good thing […] The sell-off would mean a more decentralized distribution of tokens. A broader distribution reduces the risk of a single entity having excessive control over the project.”

However, Lian noted that the token’s value will mainly rely on the community’s trust in Friend.tech and how the team manages the current situation.

 

Airdrop farmers continue to plague token launches

The mysterious Friend.tech whale is another example of a professional airdrop farmer (squatter) who interacts with emerging protocols solely for the airdrop rewards, often with multiple wallets to compound rewards.

The main issue with airdrop farmers is that they tend to market sell all their airdropped tokens, creating significant sell pressure and resulting in more panic selling by legitimate protocol users.

An example of this came at the end of April, when the Omni Network’s OMNI token fell 55% in less than 18 hours following its airdrop, losing over half its market capitalization.

In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from Arbitrum’s ARB airdrop from 1,496 wallets into just two wallets they had controlled.

 

Source: https://cointelegraph.com/news/friend-tech-airdrop-largest-recipient-sells-tokens

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Public Market- Where are the biggest institutional opportunities?- Digital Assets: Realised – Hong Kong

Public Market- Where are the biggest institutional opportunities?- Digital Assets: Realised – Hong Kong

Public Markets – Where are the Biggest Institutional Opportunities? ETF, Mutual Funds, Stocks, Bonds

– Moderator: Julien Bahurel, Partner, Deep Blue/Definer Fund
– Anndy Lian, Senior Advisor, Peach Income Fund
– Tony Wong, Managing Director, CSOP Asset Management
– Nicholas Studholme Wilson, Chief Operating Officer – Asia, GFO-X

At the panel discussion, industry experts gathered to explore the transformative potential of tokenization in asset classes and the future of financial markets. The conversation, moderated by Julian, delved into the implications of digitizing assets and the infrastructure required to support this evolution.

Julian opened the panel by highlighting the significance of functional markets, which are valued at approximately 4 trillion dollars. The focus then shifted to the opportunities presented by liquid markets through tokenization or digitization.

Tony discussed the enormous opportunities within the crypto space, particularly in Asia, where a significant portion of crypto trading activity originates. He emphasized the institutional interest in crypto markets, especially following price openings, and the inquiries from traditional managers and private bankers about accessing these new asset classes with appropriate risk levels. He pointed out that mutual funds might be the first asset class to adopt tokenization, revolutionizing the distribution landscape. He envisioned mutual funds being traded on exchanges like any other asset, within regulatory frameworks, making them accessible 24/7.

Anndy concurred with Tony’s views on mutual funds. He described tokenizing them as a “piece of cake” and predicted a substantial uptake, particularly in Hong Kong, which could become a significant player in the Asian market. Anndy also touched upon the role of exchanges like NASDAQ in a blockchain-dominated world, speculating that traditional exchanges might adapt to offer 24/7 services using blockchain technology.

Nicholas shared his perspective on achieving the end goal of a fully tokenized state on multiple chains. He stressed the importance of starting with existing infrastructure to generate revenue before transitioning to more advanced systems. Nicholas also discussed the challenges of latency and privacy considerations, suggesting that permissioned chains might be a necessary starting point before moving to public chains.

The panelists debated the coexistence of traditional liquid markets with tokenized markets, agreeing that while they may initially coexist, the superior efficiency of tokenized systems would eventually lead to a transition.

The conversation also touched on the regulatory implications of tokenization. While the technology offers exciting possibilities, it also presents challenges for regulators who must adapt to a rapidly evolving landscape.

As the discussion concluded, the panelists expressed optimism about the future of tokenized markets. They envisioned a world where traditional and tokenized markets coexist and eventually converge, thanks to improved infrastructure and broader acceptance of blockchain technology.

The panel’s insights suggest that while the journey toward widespread tokenization is still in its early stages, the destination promises a more inclusive and efficient market for all participants. As the technology matures and regulatory frameworks evolve, we may witness a significant shift in how assets are traded and managed globally.

Digital Assets: Realised held in Hong Kong on 7 March 2024. The event brought traditional funding, listing players, and new digital exchange and platform opportunities.

 

Source: https://blockcast.cc/videos/public-market-where-are-the-biggest-institutional-opportunities-digital-assets-realised/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Who owns the most dogecoins? Biggest whales revealed

Who owns the most dogecoins? Biggest whales revealed

Dogecoin (DOGE) is a meme coin pioneer. So,  who owns the most dogecoins?

Here we take a look at the meme token’s circulating supply and dogecoin’s biggest holders.

What is dogecoin?

Dogecoin (DOGE) was created in 2013 by software engineers Billy Markus and Jackson Palmer, neither of whom are still affiliated with the project. The coin was inspired by the popular 2010 meme of a Shiba Inu dog called Doge, and was originally started as a joke. It was the first memecoin, and has inspired the creation of hundreds of others.

Dogecoin is an open-source, decentralised, peer-to-peer cryptocurrency, which “sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks”.

According to its website: “Dogecoin is many things to many different people. At its heart, Dogecoin is the accidental crypto movement that makes people smile!

“It is also an open-source peer-to-peer cryptocurrency that utilises blockchain technology, a highly secure decentralised system of storing information as a public ledger that is maintained by a network of computers called nodes.”

The currency’s unofficial tagline is ‘Do Only Good Everyday’.  Its community cares about supporting each other, being kind, teaching people about cryptocurrency, fundraising, having fun, making memes and being absurd.

The coin’s protocol was based on the now-defunct Luckycoin, a spinoff of Litecoin (LTC) – an early altcoin. According to Palmer, this protocol was used as means to turn the potential miners away from the project with the aim of making it fail. However, that did not go as planned and Luckycoin was removed from DOGE’s protocol since it was causing a number of problems.

In 2014, the Dogecoin Foundation was established by the project’s creators. It aims to provide support, advocacy, trademark protection and governance for the DOGE cryptocurrency project.

Although started as a joke, the coin soon found utility as its low value  made it popular for small online transactions, such as tipping strangers anonymously on the internet.

Recently, Markus had even asked Twitter to add dogecoin to the Twitter tip jar, as “it just makes too much sense – the OG tipping cryptocurrency on the internet belongs there”.

As the token surged in popularity, it was spotted by Tesla (TSLA) founder Elon Musk, who tapped into the social media hype around DOGE, calling it “the people’s crypto” on Twitter.

Dogecoin supply

According to data provided by CoinMarketCap, DOGE does not have a maximum supply. This makes the digital asset an “inflationary coin”, while cryptocurrencies such as bitcoin are deflationary because they have a limit on how many tokens can be mined.

Every four years the number of bitcoin tokens released into circulation is halved.

“As with all commodities, cutting the supply in half will create a supply shock and a price spike — and that’s essentially what the halving cycle does,” Morgan Stanley’s Investing in Cryptocurrency report noted.

Up until 2014, dogecoin was also halved. The final dogecoin halving event took place in April 2014, when the payout was reduced from 250,000 to 125,000 coins a block. Later on, however, the cryptocurrency’s protocol was changed to provide an unlimited supply so the halving events were no longer necessary.

Dogecoin itself noted that the fact that it does not have a maximum supply does not make its total supply unlimited.

“Dogecoin’s supply is not unlimited, because it has an absolute limit of issuance per block, per day, per year – just like other coins do,” the project’s team said on dogecoin’s website.

“The only difference is that Dogecoin’s issuance does not have an end date. Therefore, Dogecoin is only “infinite” over ‘infinite time’. Over finite time, its issuance is, in fact, finite.”

Dogecoin to USD chart, 2014 - 2022

As of 29 July, the total supply of dogecoins mined amounted to more than 132 billion. All tokens mined were in circulation.  The cryptocurrency had a market capitalisation surpassing $8bn and was ranked  the 10th biggest cryptocurrency, surpassing “dogecoin killer” Shiba Inu and “Ethereum killer” Polkadot.

Who owns the most dogecoins?

Over the years, there has been a lot of speculation about who has the most dogecoins or who are the biggest dogecoin whales. A crypto whale is an entity – be it an institution, individual or exchange – that owns a significant amount of a digital asset and therefore can influence the price.

What is your sentiment on DOGE/USD?

In 2021, news reports started referencing a “mysterious dogecoin whale” who owned $22bn of the asset at the time. Some alleged that that person was Elon Musk, as his support for the cryptocurrency was documented online in a series of twitter posts and during an appearance in an episode of Saturday Night Live (SNL). But there is no evidence to support the claim  that  it was him.

Other guesses included the US-based trading platform Robinhood (HOOD), however, the company’s CEO Vlad Tenev denied the rumours.

According to data provided by intotheblock, there are seven top holders of dogecoin, as of 29 July. The wallets are anonymous due to the decentralised nature of cryptocurrencies. Intotheblock noted that the biggest DOGE whale owns 30.16% of the total circulating supply of the cryptocurrency.

The top holder’s account’s balance surpassed 40.84 bn DOGE coins which amounted to $2.55bn at the time of writing. According to blockchair, the account’s address is DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ.

The second biggest dogecoin whale owned just 5.35% of the total circulating supply of the cryptocurrency which amounted to 7.25bn DOGE tokens ($452.1m, as of the time of writing).

“You would be surprised at how many crypto currency token supplies that are owned by a handful of people. It is concerning but it is telling that crypto is no different than the financial industry in terms of  whales,” Mark Basa, the director at HOKK Finance, told Capital.com.

Anndy Lian, chairman of BigONE Exchange and the author of Blockchain Revolution 2030, told Capital.com that dogecoin concentration may be a real issue.

“The whales can single-handedly bring Dogecoin and its ecosystem down. This is a big flaw in the design and the similar outcomes can actually happen in many other top coins too. Personally, I think influencers like Elon Musk and Mark Cuban saw this issue and are the earliest to step in to instil confidence to avoid possible mass panic sell by regular holders,” he told Capital.com.

Lian also referenced the speculations that the biggest dogecoin holders were either Musk or Cuban but noted that who the owner is, is not as important.

“It is the behaviour and intention that matters most. If the top holder believes in the coin and is willing to build the ecosystem, I respect that. If they just want to sell their investment off, I hope they can offload it in batches. Offloading is also a good thing as the coin can become more decentralised.”

Dogecoin reveals the biggest whale wallet

Dogecoin has also addressed the speculations and rumours surrounding who the biggest dogecoin holders are.

Dogecoin said that “many of the top Dogecoin wallets are cold wallets or hot wallets controlled by exchanges and brokers, and they thus represent Dogecoin held in custody for thousands – or hundreds of thousands, even – of people.”

The meme coin’s team noted that many of the biggest holder wallets appear to be managed by trading platforms, as they exhibit patterns of activity and volume that are typical of crypto exchanges or brokerage services holding large amounts of collateral.

“In particular, the Dogecoin community has identified the exchanges and brokerage platforms behind some of the largest wallets, including the infamous ‘whale’ holding 30% of the supply… As it turned out, that infamous whale wallet, which was split across several addresses in October/November 2021, contains the holdings of hundreds of thousands of retail holders,” Dogecoin noted.

What does ownership concentration mean for the token?

CoinLoan’s digital assets analyst, Maxim Shilo, noted that knowing who owns the most dogecoins is as important as knowing how many shares Apple investors have.

“If you are already an investor or want to become one, then it is certainly necessary to understand what can become catalysts for growth or decline. Knowing who owns the most Dogecoin can give you an advantage in the marketplace,” he told Capital.com.

HOKK Finance’s Basa added that knowing who the top dogecoin holders are could expose their motives.

“Let’s say that an old rumour I read on the Doge reddit is true: that a foreign nation, or foreign investor, owned a huge supply of Doge and was using it to drain funds from the common retail investor.
“If so, Doge has a serious enemy and the world should know. If exposed, then there could be a huge sell-off, or a massive withdraw of Doge from centralised exchanges where investors would store their Doge on cold wallets in order to come together and show the community’s strength, similar to the Gamestop scenario, where the power of the community liquidated some serious hedge fund shorting the company’s stock.”

CoiLoan’s Shilo added that DOGE can be a great investment for novice traders since it is known for its “massive pumps,” however, highlighted that “owning it comes with risks… as it has a structure, in which most of the tokens are found in 1-2 wallets.

“This negatively affects the characteristics of the token. When there is such a concentration of coins, there is a chance that at any moment these wallets may be hacked, or the owner could be tempted to arrange dump and pump schemes.”

Note that analysts’ predictions and opinions can be wrong. Knowing and following the biggest cryptocurrency whales shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before trading. And never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/who-owns-the-most-dogecoins

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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