Dogecoin (DOGE) became widely popular, on the internet in 2021 due to mentions by Elon Musk and a strong social media following. Its value has surged dramatically since its inception in 2013 with an increase of over 33,000%. People are curious about who’s investing in this cryptocurrency and how much they have profited. Lets delve into this.
Initially introduced to the market in 2013 DOGE didn’t experience price movements until 2021 when its value skyrocketed from a fraction of a cent to almost $0.75 within four months marking a remarkable surge of more than 13,000%. The price has since stabilized $0.20 with a market capitalization of $30 billion.
These substantial gains translated into profits for the holders of DOGE. At its peak the wallets holdings were valued at over $23 billion; however these profits remained unrealized as the tokens were acquired later than expected.
The largest wallet began accumulating DOGE during the summer of 2023. Swiftly became the leading holder within a month. The wallet currently holds over 31 billion DOGE, equivalent to $5.9 billion. At its point this wallet possessed 33 billion DOGE valued at, up to $6.9 billion.
During the peak of 2021 a single wallet held, over 5 billion DOGE, equivalent to $3.5 billion. The owner has not sold any of the DOGE and its current value exceeds $1 billion.
Currently there are 1,101 wallets that possess than $1 million worth of DOGE. This number fluctuates with the price of DOGE. The top 15 addresses collectively own about half of the supply while the top 136 wallets control around 70% of the supply. On the hand a quarter of all wallets hold than 0.01% of the total supply. These proportions have remained relatively stable over the year suggesting that smaller investors may have influenced DOGEs performance in months.
These statistics only account for on chain wallet addresses. Do not include those who store their DOGE on exchanges like Coinbase. Therefore it is likely that there are investors holding over $1 million in DOGE due to this factor. However information about individuals holding over $1 million worth of DOGE on centralized exchanges is not publicly available.
These trends indicate that a significant portion of DOGE is held by whales – individuals or entities with holdings, in the token.
It’s important to remember that the actions of these whales whether they are buying or selling can greatly impact market prices. Given that a small number of wallets hold a portion of the supply it will be intriguing to observe how these aspects of influence market trends.
