Number of Dogecoin millionaires plunge by 40% in a year
Release: 2023/11/13 22:15 Reading: 200
Dogecoin (DOGE) has witnessed a notable decline in value over the past year, leading to a significant reduction in the number of accounts holding more than $1 million in this cryptocurrency.
The most recent data shows a significant difference compared to 2022, when the number of addresses owning the meme coin exceeded 1,000.
As of November 13, the number of DOGE addresses possessing over $1 million stood at 635, a decline from the 1,046 addresses on November 1, 2022.
548 DOGE holders currently maintain a balance of $1 million or more. Additionally, there are 87 addresses with a balance exceeding $10 million, according to data from BitInfoCharts.com.
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A decline in the number of DOGE millionaires is directly tied to a significant drop in the asset’s value over the past year. The value plummeted by almost 50% during this period, from $0.15 on November 1, 2022 to $0.08. This bearish sentiment correlates with the decreased interest in meme coins such as Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI).
Significant decrease in Dogecoin’s value has reduced the number of addresses holding over $1 million, dropping from 887 to 548. Similarly, those with holdings exceeding $10 million have decreased from 160 to 87.
It is important to mention that one characteristic of this asset is that an individual can have multiple addresses, which may result in potential inaccuracies in the current count due to this factor.
Dogecoin price analysis
As of press time, DOGE was being traded at $0.08, indicating a decline of -1.75% in the past 24 hours. However, it is worth noting that over the course of the last 7 days, DOGE experienced a positive change in value of 8.00%. Additionally, over the last 30 days, there was a substantial increase in value, amounting to 32.78%.
The latest data shows a decline in this asset from its record high of -89%, with 80% of the top 100 cryptocurrencies outperforming it in the past year.
Despite the challenges, there is a silver lining for DOGE. In the preceding month, it enjoyed 20 days of positive growth and traded above the 200-day moving average.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://thebittimes.com/number-of-dogecoin-millionaires-plunge-by-40-in-a-year-tbt70089.html
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