Dogecoin’s Value Rise Leads to Increase in Millionaire Accounts
Over the past year, Dogecoin (DOGE) has seen a surge in value, resulting in an increase in the number of accounts holding more than $1 million worth of the cryptocurrency. Despite its inflationary nature, DOGE has managed to attract more millionaires.
Last year, there were 716 addresses holding DOGE. However, as of December 20, 2023, the number increased to 718, with 611 holders possessing a balance of $1 million or more. Interestingly, there are now 107 addresses with balances exceeding $10 million compared to last year’s figure of 79.
The recent surge in DOGE’s value has contributed to an additional 100 new millionaires compared to the previous month’s data.
Dogecoin’s Inflationary Nature and Wealth Dilution
Despite the impressive 22% increase in DOGE’s value Year-to-Date (YTD) in 2023, the number of addresses holding $1 million or more has only risen by two over the past year. This can be attributed to Dogecoin’s inflationary nature and the constant influx of new coins into circulation.
This continuous supply of new coins potentially dilutes the wealth held by existing wallet holders and makes it more challenging for them to surpass the $1 million threshold. It is important to note that individual holders may control multiple addresses, leading to potential inaccuracies in the current count.
Dogecoin Price Analysis
Currently, DOGE is traded at $0.09, indicating a -2.34% decline within the past 24 hours. Over the past seven days, there has been a decrease of -2.03%, contrasting the gains observed in the 30-day period, which amounted to a cumulative increase of 11.59%.
Despite the recent decline, DOGE is still trading above the 200-day simple moving average, suggesting a positive trend. In the last 30 days, positive price gains were observed on 18 days, accounting for 60% of the trading sessions during this period.
However, it is worth noting that DOGE has been outperformed by 63% of the top 100 crypto assets in the past year. It is currently down by 88% from its all-time high, indicating a significant decrease from its peak value.
Hot Take: Dogecoin’s Rising Value Attracts More Millionaires Despite Inflationary Nature
The value surge of Dogecoin has resulted in an increase in accounts holding more than $1 million worth of the cryptocurrency. Although Dogecoin’s inflationary nature introduces challenges in surpassing the $1 million threshold, it has managed to attract more millionaires over the past year. This demonstrates the appeal and potential profitability of investing in DOGE despite its unique characteristics and market performance compared to other cryptocurrencies.
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