Since the beginning of the year, Dogecoin (DOGE), the largest memecoin and the ninth biggest altcoin by market capitalization, has seen a nearly 30% increase in price. Despite this modest rise compared to many other altcoins and its inflationary nature, the number of millionaire DOGE investors—those holding over $1 million in DOGE—has remained stable and even increased.
Recent on-chain data indicates that the number of millionaire-level wallet addresses holding Dogecoin has remained almost unchanged since December 2022. As of December 20, 2023, there were 718 such wallets, which is only a slight increase of 2 wallets from the previous year. Notably, 611 wallet addresses currently hold over $1 million in DOGE, and data from BitInfoCharts.com reveals that there are 107 wallet addresses with balances exceeding $10 million, an increase of 79 wallets from the previous year.
The number of wallets holding more than $1 million in DOGE has remained relatively constant, which can be attributed to Dogecoin’s inflationary nature. The continuous entry of new DOGE into circulation potentially erodes the wealth held in existing wallets, making it increasingly difficult to surpass the $1 million threshold.
However, due to the fundamental characteristic of cryptocurrencies that allows individual investors to control multiple wallet addresses, the current figures could potentially be misleading.
At the time of writing, DOGE has experienced a 2.34% decrease over the last 24 hours, trading at $0.09. This contributes to a negative trend observed over a 7-day period, with a cumulative decline of 11.59%, despite gains over the past 30 days. Dogecoin is currently trading above its 200-day simple moving average, indicating a positive trend. Over the last 30 days, 18 days have been characterized by price increases, equating to 60% positive trading sessions. Although DOGE has outperformed 63% of the top 100 cryptocurrencies last year, it is still priced 88% below its all-time high (ATH).
