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The number of Dogecoin wallets holding over $1 million has nearly halved this year, registering a 40% decline since last November.&nbsp; 
The number of Dogecoin (<a href="https://crypto.news/price/dogecoin/">DOGE</a>) millionaires has declined by more than 40% year-to-year, according to data from <a href="https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html" target="_blank" rel="noopener">BitInfoCharts</a>. Despite the meme coin’s 30% surge in a month, it’s still over 10% short of its value from last November, a massive 90% off from its all-time high back in 2021. This rather steady decline over the past two years could be a key reason why DOGE millionaires are becoming scarce.&nbsp; 
In 2022, over 1,000 Dogecoin addresses held more than $1 million in value. As of November this year, this figure has fallen to 635. 
<figure class="wp-block-image size-full is-resized">
 <img decoding="async" loading="lazy" width="910" height="410" src="https://crypto.news/app/uploads/2023/11/Screenshot-2023-10-21-200155.png" alt="Dogecoin (DOGE) rich list" class="wp-image-14215246" style="aspect-ratio:2.2195121951219514;width: 100%;height:auto">
</figure> 
Breaking down these numbers, 548 of these addresses currently hold at least $1 million in Dogecoin, while 87 of them have balances exceeding $10 million. This reduction in high-value holdings reflects the broader decrease in Dogecoin’s market price, which has nearly halved over the year, plummeting from $0.15 to $0.08. 
 You might also like: <a href="https://crypto.news/bitcoin-millionaire-wallets-triple-in-2023/"> Bitcoin millionaire wallets triple in 2023 </a> 
Notably, the number of Dogecoin addresses with holdings above $1 million has declined from 887 to 548. Similarly, the number of addresses with over $10 million in DOGE has been reduced from 160 to 87. 
<h2 class="wp-block-heading" id="vanishing-confidence-in-meme-coins">Vanishing confidence in meme coins</h2> 
This downturn mirrors a wider trend in the meme coin market, such as Pepe (<a href="https://crypto.news/price/pepe/">PEPE</a>), Shiba Inu (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>), and Floki (<a href="https://crypto.news/price/floki/">FLOKI</a>), which have also seen diminished interest. Pepe, despite being up by a massive 94% in a month, has seen many investors <a href="https://crypto.news/pepe-investors-exiting-new-token-gaining-traction/">exiting</a>.&nbsp; 
These statistics drive a wider concern about the long-term prospects of meme coins. Earlier this year, a <a href="https://chainplay.gg/blog/state-of-memecoin-2023/" target="_blank" rel="noopener">study</a> by Chainplay revealed that nearly 70% of crypto investors invest in meme coins for fun rather than having a HODL perspective.&nbsp; 
 Read more: <a href="https://crypto.news/whales-bought-58m-worth-of-aave-eth-arb-pepe/"> Whales bought $58m worth of AAVE, ETH, ARB, PEPE </a>

Dogecoin (DOGE) millionaire wallets declined by 40% in 2023

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