In a significant milestone for the popular memecoin $DOGE,$DOGE, the cryptocurrency has now surpassed a staggering 5 million unique holding addresses, marking a noteworthy accomplishment within the crypto space.
This milestone coincides with a remarkable surge in Dogecoin's user activity. Notably, there were 168,000 active addresses yesterday, marking the highest engagement since March 2022.
🔗https://t.co/sVl5CEGSe2 pic.twitter.com/3eyOhGqkCd— IntoTheBlock (@intotheblock) November 27, 2023
Data sourced from IntoTheBlock reveals that over 5 million distinct wallet addresses are currently holders of Dogecoin, representing a first in the cryptocurrency’s history. Alongside this achievement, reports indicate the presence of 168,000 active addresses on the Doge network, reaching a level not observed since March 2022.
4,716 Addresses Hold 88.09% Off $DOGE’s Total Supply
DOGECOIN UPDATE: 5M HOLDER MILESTONE
– As reported by CoinDesk (which is now owned by #crypto exchange @Bullish) the original #memecoin, $DOGE, has achieved a major holder-milestone.
– Data indicates that @dogecoin is now, for the first time ever, held across more than 5… https://t.co/bbXxs0SVHN pic.twitter.com/e9qW1bhDza
— BSCN (@BSCNews) November 28, 2023
However, amidst the celebration of the 5 million holder milestone, studies shed light on the concentration of Dogecoin ownership. BitInfoCharts data underscores that a striking 88.09% of $DOGE’s total supply is concentrated among merely 4,716 addresses. This concentration highlights a significant level of wealth centralization within the Dogecoin ecosystem.
Further analysis reveals that less than 15% of holders currently possess a staggering 99.72% of the total Dogecoin supply, indicating a substantial concentration of wealth among a select group of holders. CoinGecko data reports Dogecoin’s circulating supply at 142 billion.
While Dogecoin’s achievement of 5 million holders demonstrates its widespread appeal and adoption, the coin’s wealth distribution raises questions about its decentralization and the potential impact of concentrated holdings on its market dynamics. Investors and enthusiasts closely monitor such metrics to gain insights into the resilience and stability of Dogecoin as it continues to navigate the dynamics of the crypto market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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