Dogecoin Millionaires Surge as Accumulation Increases
The number of Dogecoin millionaires has experienced a significant surge in the past month, according to data from market intelligence platform IntoTheBlock. These “DOGE millionaires” refer to addresses holding at least $1 million worth of Dogecoin.
The chart below demonstrates the change in the total number of these addresses over the past month. The data indicates a steep increase in the accumulation of Dogecoin among large entities, including both sharks and smaller whales.
- The total count of addresses with balances in the $1 million range has exceeded 800.
- Investors with over $10 million in DOGE have also seen their numbers grow, surpassing 200 addresses.
- Overall, there are now more than 1,000 millionaires on the Dogecoin network, marking a growth of approximately 76% in the last 30 days.
This rapid increase in Dogecoin millionaires aligns with the recent rally observed in DOGE’s price. If this trend continues, it could indicate continued interest from big money investors and further support the ongoing rally.
Rapid Rally Drives DOGE Price Surge
In recent weeks, Dogecoin has experienced a sharp rise after breaking free from its consolidation phase. The chart below illustrates DOGE’s impressive rally.
- Unlike Bitcoin (BTC), which has already made significant recovery progress, DOGE is yet to reach its previous all-time high price.
- Despite a notable pullback, DOGE investors have still achieved profits of over 95% in the past month, highlighting the strength of its recent bullish momentum.
Currently, Dogecoin holds the ninth position in terms of market capitalization, trailing behind Cardano (ADA) in eighth place.
While Dogecoin maintains a comfortable lead over Shiba Inu (SHIB) in tenth place, SHIB has made significant gains of 131% in the past week and is rapidly closing the gap.
Hot Take: Dogecoin Millionaires Surge Alongside DOGE’s Rally
The surge in the number of Dogecoin millionaires reflects a strong accumulation trend among large entities. As the rally in DOGE’s price continues, this growth in millionaires serves as a positive sign for the cryptocurrency’s future.
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