Increasing Number of Dogecoin Addresses
The popularity of Dogecoin has surged in December, leading to a significant increase in the number of addresses holding the meme coin. This rise in demand has contributed to a 25% price rally for DOGE, with traders hoping for a 100% rally by the end of the year. While the rich list of Dogecoin holders hasn’t changed much, it’s worth noting the top holders of the coin.
Robinhood: The Largest Holder
The largest wallet holding Dogecoin is owned by Robinhood. This wallet, known as “DEgDV,” currently holds 32.96 billion DOGE, equivalent to $3.05 million. It represents 23.15% of the total supply. In June, DEgDV became the largest holder after billions of DOGE tokens were transferred from another wallet called “DDuXG.”
Among the top 20 richest Dogecoin wallets, Robinhood wallets hold the most DOGE. One particular wallet, labeled as “DPDLB” on BitInfoCharts, is often associated with Elon Musk. Analyst Lookonchain even shared evidence suggesting that this wallet belongs to Musk. Another wallet called “DH5ya” transferred almost all its DOGE to “DPDLB.”
Top Wallets and Distribution
According to data from BitInfoCharts, only one wallet holds more than 10 billion DOGE, while 11 wallets hold between 1 and 10 billion DOGE. Additionally, there are 4,590 wallets that hold between 1 million and 100 million DOGE.
Out of the top 5 wallets, three are linked to Robinhood. Binance holds the third-largest amount of DOGE, followed by Cryptsy crypto exchange as the fourth-largest holder.
Expectations for DOGE Price in the Future
This year, DOGE has experienced an 85% price rally, with a 23% increase in December alone. Currently trading near $0.93, it has come a long way from its $0.10 price point last week. The daily trading volume has also seen significant growth, surpassing $1 billion in November and December.
Analysts predict that DOGE’s price will continue to rise in the next wave of market rally, especially in January when spot Bitcoin ETF approvals are expected to boost the overall crypto market cap. Additionally, the Dogecoin community anticipates that integration for payments on Elon Musk’s X platform, the DOGE-1 mission, and whale accumulation will further drive up prices in 2024.
Hot Take: Dogecoin Continues to Attract Attention
Dogecoin’s popularity shows no signs of slowing down as more addresses hold onto the meme coin. With Robinhood leading as the largest holder and strong expectations for future price performance, it seems that Dogecoin will remain an intriguing cryptocurrency to watch. As 2024 approaches, all eyes will be on how Dogecoin integrates into various platforms and missions, potentially propelling its value even higher.
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