Dogecoin Millionaires Decline
Over the past year, Dogecoin (DOGE) has seen a significant decrease in value, resulting in a notable reduction in the number of accounts holding over $1 million in this cryptocurrency. In 2022, there were more than 1,000 addresses with significant DOGE holdings, but as of November 13, that number has dropped to 635, down from 1,046 addresses on November 1, 2022. Currently, there are 548 DOGE holders with balances exceeding $1 million and 87 addresses with balances over $10 million.
A decline in the value of Dogecoin is likely the cause of the decrease in the number of DOGE millionaires. The asset’s value has dropped by almost 50% over the past year, from $0.15 to $0.08. This decline mirrors the decreased interest in meme coins like Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI).
It’s important to note that a single holder can possess multiple addresses, potentially affecting the accuracy of these figures.
Dogecoin Price Analysis
Currently, DOGE is trading at $0.08, representing a -1.75% change over 24 hours but showing gains of 8.00% over 7 days and 32.78% over 30 days. However, the asset has decreased by -89% from its all-time high and has been outperformed by 80% of the top 100 crypto assets in the past year. Despite this, DOGE experienced 20 green days and traded above the 200-day moving average in the previous month.
Hot Take: The Future of Dogecoin
While Dogecoin’s value has declined significantly and the number of millionaires holding DOGE has also reduced, there are still positive signs for the cryptocurrency’s future. The recent trading patterns and relative stability above certain moving averages indicate potential for recovery and growth in the coming months.
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