A single entity or person currently owns 28 percent of the world's Dogecoin (DOGE) in circulation, valued at $2.1bn, WSJ reported.
But the holder's identity has not been disclosed, sparking rumours on the global cryptocurrency market. According to Bitinfocharts, the account has held 36.8bn of the memecoin since 2019.
But the address allegedly contains an "Easter egg" for people searching for the identity of the unnamed Dogecoin holder, revealing 28.061971 of the cryptocurrency, the report added.
The news comes after the tech giant said on Sunday he would back large holders of Dogecoin if they sold their assets, stating: "Too much concentration is the only real issue imo".
Social media memes with the floofer-marked cryptocurrency were posted on Mr Musk's account in early February, stating "Dogecoin is the people's crypto".
US hip-hop star Snoop Dogg tweeted an altered version of his albums with an image, and KISS frontman and bassist Gene Simmons named himself the "God of Dogecoin" while calling on investors to "HODL", or 'hold onto the cryptocurrency'.
— Elon Musk (@elonmusk) February 4, 2021
The currency remains at $0.052, down from $0.075 a week prior, figures from Coinbase reveal on Wednesday.
The Rise of the Crypto-Doge
The cryptocurrency is an altcoin, or derivative of the Luckycoin blockchain algorithm, built by IBM developer Billy Markus and Adobe data scientist Jackson Palmer in 2013 to satirise the growing numbers of cryptocurrencies in the market.
Despite being unveiled as a joke in 2013, Dogecoin has since spiked over 1,000 percent in value since 27 January this year.
"Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online," the currency's website states.
Dogecoin is named after the popular Shibu Inu meme posted on social media in 2012, who has a personal dialogue in Sans Serif font over the intentions of his owner.The word 'doge' also gained popularity after Homestar Runner, a character from the animated online cartoon, mistakenly calls his friend Strong Bad "my D-O-G-E, DOGE" in a show of solidarity at the office.
Dogecoin and other altcoins have risen in value, namely as Bitcoin skyrocketed over $50,000 a coin this week, as well as the aftermath of the Gamestop short squeeze, Techradar reported.