Dogecoin Holds Strong Despite Downtrend
Dogecoin (DOGE) had a successful run in the 2021 bull market, gaining popularity as the first memecoin in the cryptocurrency space. Although it has experienced a downtrend from its all-time high, Dogecoin still boasts a supportive community of DOGE owners. Notably, billionaire Elon Musk has been a prominent supporter, fueling the coin’s rally two years ago.
Currently, there are over 3.83 million crypto wallet addresses holding at least 1 Dogecoin, with each DOGE valued at $0.067. However, it’s important to note that Dogecoin is a pseudonymous blockchain, making it impossible to determine the exact number of people who own the memecoin as one individual can control multiple addresses without any known link between them.
The Dogecoin Population Compared to Berlin
If we consider the number of addresses as the Dogecoin population, it would be comparable to the population of Berlin, Germany’s capital city, which has around 3.67 million residents. The Dogecoin population currently holds approximately $9.5 billion in value. However, this wealth is concentrated in a smaller group of individuals who own Dogecoin. It is common for one entity to possess multiple wallet addresses.
Furthermore, data from BitInfoCharts reveals that the top 13 addresses own more than 25% of all available Dogecoins, totaling approximately $2.45 billion in value.
Hot Take: The Resilience and Concentration of Dogecoin Wealth
Despite its ongoing downtrend, Dogecoin continues to maintain a strong community and attract attention in the crypto space. The support from influential figures like Elon Musk has contributed to its popularity. However, it is worth noting the concentration of wealth among a small number of Dogecoin owners. The top addresses hold a significant portion of the available coins, highlighting the potential influence they have over the market. As Dogecoin’s journey continues, it will be interesting to see how its community and wealth distribution evolve.
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