Elon Musk Linked Robin Hood Wallets Move Over 10 Billion Dogecoin Amidst Lawsuit Allegations

Elon Musk, CEO of Tesla (NASDAQ:) and lover of . insider trading and market manipulation in a class action lawsuit filed in New York City on Wednesday.

Coincidentally, Robin Hood wallets that have been linked several times to Elon Musk saw a massive reorganization of Dogecoin (DOGE) coins after the lawsuit. In fact, the timing of diversions during major events related to Elon Musk or Twitter has raised questions among on-chain analysts.

According to the lawsuit, Elon Musk and Tesla control several Dogecoin wallets. Investors claim that Musk sold 124 million DOGE tokens in April after he changed the Twitter logo to the Dogecoin logo.

Elon Musk said the lawsuit amendment is not justified. On May 26, US District Judge Alvin Hellerstein stated that he would likely allow a third amended complaint. Pointing out that the defendants will not face any prejudice.

Referred to as Robin Hood on BitInfoCharts, “DPDLB” has been linked several times to Elon Musk. Lookonchain analyst even shares some clues as to why he believes the wallet belongs to Musk. “DH5ya” moved almost all DOGE to “DPDLB”.

After the lawsuit, a massive remix of Dogecoin from “DPDLB” to “DDuXG” took place. Over 9.3 billion DOGE were transferred from “DPDLB” to “DDuXG” on June 1. DPDLB also transferred more than 8 billion DOGE to DDuXG on May 22 and 23.

DPDLBA was the largest holder of Dogecoin and owned approximately 25.24% of the supply. The portfolio title held nearly 35 billion DOGE worth $2.6 billion in December.

DEgDV became the largest owner of Dogecoin, with an acquisition of 19.88 billion DOGE worth 1.42 billion. This happened after DDuXG continued to move DOGE to this wallet. On June 2, more than 5 billion DOGE were transferred to the wallet. The wallet now holds 14.24% of the total Dogecoin supply.

Recently, DDuXG moved 3.4 billion DOGE to DEgDV which also coincided with a Twitter related event. These transfers, in conjunction with Elon Musk, have sparked several speculations.

Crypto Horizon

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