Dogecoin (DOGE) millionaire wallets declined by 40% in 2023
Release: 2023/11/14 06:15 Reading: 997
The number of Dogecoin wallets that contain more than $1 million has decreased by almost half this year, indicating a 40% decline since November of the previous year.
The number of Dogecoin (DOGE) millionaires has declined by more than 40% year-to-year, according to data from BitInfoCharts. Despite the meme coin’s 30% surge in a month, it’s still over 10% short of its value from last November, a massive 90% off from its all-time high back in 2021. This rather steady decline over the past two years could be a key reason why DOGE millionaires are becoming scarce.
By 2022, the number of Dogecoin addresses holding a value exceeding $1 million had surpassed 1,000. However, as of November this year, this count has decreased to 635.
Breaking down these figures, there are currently 548 addresses that possess a minimum of $1 million worth of Dogecoin, and 87 of these addresses have balances surpassing $10 million. This decrease in holdings of significant value mirrors the overall decline in Dogecoin's market price, which has almost halved over the course of the year, falling from $0.15 to $0.08.
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It is worth mentioning that there has been a decrease in the number of Dogecoin addresses holding more than $1 million, going from 887 to 548. Likewise, the number of addresses with over $10 million in DOGE has been reduced from 160 to 87.
Vanishing confidence in meme coins
This downturn mirrors a wider trend in the meme coin market, such as Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI), which have also seen diminished interest. Pepe, despite being up by a massive 94% in a month, has seen many investors exiting.
These statistics drive a wider concern about the long-term prospects of meme coins. Earlier this year, a study by Chainplay revealed that nearly 70% of crypto investors invest in meme coins for fun rather than having a HODL perspective.
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