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Dogecoin adds millionaires in 2023

Dogecoin adds millionaires in 2023

Over the last year, Dogecoin (DOGE) has experienced an increase in its value of almost 22%. This rise in value contributed to the increase in accounts possessing more than $1 million worth of cryptocurrency despite its inflationary nature.

The latest figures contrast with data available retrieved by Finbold from December 2022, when the total number of addresses holding the meme coin was 716. As of December 20, 2023, the number of DOGE addresses possessing over $1 million stood at 718, a marginal of just two addresses just a year earlier.

611 DOGE holders currently maintain a balance of $1 million or more. Interestingly, there are 107 addresses with a balance exceeding $10 million, representing an increase from last year’s figure of 79, according to data from BitInfoCharts.com.

Dogecoin distribution as of December 20, 2023. Source: BitInfoCharts
Dogecoin distribution as of December 20, 2023. Source: BitInfoCharts

The recent value surge in the previous month has done well to bolster the number of DOGE holders whose wallets are worth more than $1 million, compared to last month’s data, as it climbed by almost 100 new millionaires.

Despite Dogecoin’s impressive 22% surge in value Year-to-Date (YTD) in 2023, the number of DOGE wallet addresses holding $1 million or more has only increased by a mere 2, rising from 716 to 718 over the past year. 

This anomaly could be attributed to Dogecoin’s inflationary nature, which introduces a constant influx of new coins into circulation, potentially diluting the wealth held by existing wallet holders and making it more challenging to breach the $1 million threshold.

However, it’s important to emphasize that a characteristic of this asset is that an individual holder may control multiple addresses, potentially introducing additional inaccuracies to the current count due to this factor.

Dogecoin distribution as of December 14, 2022. Source: BitInfoCharts
Dogecoin distribution as of December 14, 2022. Source: BitInfoCharts

Dogecoin price analysis

As of the latest update, DOGE was traded at $0.09, indicating a -2.34% decline within the past 24 hours. This adds to the negative momentum observed over the 7-day period, with a value decrease of -2.03%, contrasting the gains over the 30-day period, amounting to a cumulative added value of 11.59%.

DOGE 7-day price chart. Source: Finbold
DOGE 7-day price chart. Source: Finbold

The asset trades above the 200-day simple moving average, indicating a positive trend.

Additionally, in the last 30 days, 18 days have been characterized by price gains, representing a 60% occurrence of positive trading sessions during this period. 

However, the asset in question has been outperformed by 63% of the top 100 crypto assets in the past year. DOGE is currently down by 88% from its all-time high, indicating a significant decline from its peak value.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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