Dogecoin

Elon Musk

Dogecoin rose to prominence in 2021 on the back of <a href="https://bitcoinist.com/dogecoin-price-elon-musk-doge/">billionaire Elon Musk posting about the meme coin</a> to his millions of followers on X (formerly Twitter). The price would rally over 10,000% and reach as high as $0.7 before retracing, making a number of new millionaires along the way. However, as the bear market has raged on, the number of <a href="https://bitcoinist.com/robinhood-wallet-swapping-bitcoin-dogecoin-ethereum/">Dogecoin wallets</a> that hold a claim to the millionaire status has been rapidly declining, falling more than 50%. 
<h2 class="p2" id="only-546-dogecoin-millionaires-left">Only 546 Dogecoin Millionaires Left</h2> 
<a href="https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html" rel="nofollow noopener" target="_blank">Data</a> from BitInfoCharts reveal the shocking decline that has taken place along the <a href="https://bitcoinist.com/dogecoin-drops-deeper-as-whales-make-massive-moves/">Dogecoin wallets</a> that can boast of millionaire status. This figure which rose above 1,000 during the 2021 pump has fallen more than 50% between 2022 and 2023. 
According to the website, there are now only 546 Dogecoin wallets that are holding coins worth $1 million and more. These wallets that hold at least 10 million <a href="https://bitcoinist.com/dogecoin-price-2021-giga-send/">DOGE</a> have seen a steady decline as investors move out of the meme coin for better prospects. 
The figure is even more shocking when looking at wallets that hold more than $10 million on their balances. The data shows that there are only 88 such wallets, signaling that this could be a dying breed. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-264870 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=640&amp;resize=640%2C380" alt="Dogecoin millionaires" width="640" height="380" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=1846 1846w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=640&amp;resize=640%2C380 640w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.02.44.png?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
However, these wallets, despite their small numbers, control a significant portion of the <a href="https://bitcoinist.com/dogecoin-breakout-above-0-1/">DOGE supply</a>. The concentration by large holders is one of the highest in the space with 65% of the total supply controlled by these whale addresses. 
The smaller investors which make up a larger portion of the over 3 million holder base are left with just 35% of the circulating supply. To put this in perspective, only 78 investors <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=concentration" rel="nofollow noopener" target="_blank">control</a> 21.81% of the total DOGE supply, which translates to 31.69 billion DOGE. 
<h2 class="p2" id="doge-whales-aren-t-giving-up">DOGE Whales Aren’t Giving Up</h2> 
Despite the decline in the number of <a href="https://bitcoinist.com/dogecoin-whale-transaction-price-decline/">millionaire Dogecoin addresses</a>, the DOGE whales are not giving up on the meme coin. Data from <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=concentration" rel="nofollow noopener" target="_blank">IntoTheBlock</a> points to accumulation among these large holders who have been topping up their balances in the last few days. 
Between November 14 and 15, the Large Holders Inflow metric showed a significant spike with 960 million DOGE flowing into the addresses of these large holders. However, they may be selling almost as much as they are buying as the Large Holder Outflow metric saw a 98.65% increase, and 872.31 million <a href="https://bitcoinist.com/dogecoin-co-creator-fires-shots-at-sbf/">DOGE</a> leaving their balances. 
A selling trend among these large investors could explain why the <a href="https://bitcoinist.com/dogecoin-price-in-december/">Dogecoin price</a> has lagged behind the rest of the crypto market. DOGE’s inability to clear the $0.1 level has baffled investors, especially with the likes of Solana (SOL) seeing 50% increases in just 7 days. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/ZldcPAUz/" alt="DOGE price chart from Tradingview.com (Dogecoin millionaires0" width="2650" height="1742">

Data Shows Dogecoin Millionaires Are A Dying Breed Despite Crypto Market Recovery

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