Dogecoin Millionaires Decline Rapidly
During 2021, Dogecoin gained popularity due to Elon Musk’s tweets and saw its price surge over 10,000%, reaching $0.7 at its peak. This made many new millionaires. However, as the bear market continues, the number of Dogecoin wallets holding millionaire status has decreased by over 50%.
Only 546 Dogecoin Millionaires Left
Data from BitInfoCharts indicates a significant decline in the number of Dogecoin wallets with millionaire status. The number has dropped from over 1,000 during the 2021 surge to only 546 between 2022 and 2023.
Currently, there are only 546 Dogecoin wallets holding coins worth $1 million or more, a sharp decrease from previous numbers. The decline is attributed to investors moving out of Dogecoin for better investment opportunities.
The data also reveals that there are only 88 wallets holding more than $10 million worth of Dogecoin, signaling a potential extinction of this group.
Despite their small numbers, these wallets control a significant portion of the DOGE supply, with 65% being controlled by large holders. This leaves smaller investors with just 35% of the circulating supply.
DOGE Whales Aren’t Giving Up
While the number of millionaire Dogecoin addresses has declined, large holders are still accumulating DOGE. Data from IntoTheBlock shows that these large holders have been increasing their balances recently.
Between November 14 and 15, there was a significant spike in Large Holders Inflow, with 960 million DOGE flowing into these addresses. However, there was also a substantial increase in Large Holder Outflow, indicating that they may be selling almost as much as they are buying.
A potential selling trend among these large investors could explain why the Dogecoin price has lagged behind other cryptocurrencies in the market. While other cryptocurrencies like Solana (SOL) have seen significant increases in value, DOGE has struggled to clear the $0.1 level.
Hot Take: The Future of Dogecoin Millionaires
The decline in the number of millionaire Dogecoin addresses signals a shift in investor sentiment towards this meme coin. As large holders continue to accumulate and potentially sell off their holdings, it remains to be seen how this will impact the overall market dynamics and the future of Dogecoin as an investment asset.
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