Dogecoin (DOGE) took the internet by storm in 2021 after comments from Elon Musk and a large following on social media. This token is part of the assets that recorded the largest price increase in history. This token has appreciated over 33,000% since his 2013 launch. Who is investing in this project? How much did they earn? Let's take a look.
DOGE first began trading in 2013, but didn't see much meaningful price movement until early 2021, with the token rising from a fraction of a cent to nearly $0.75 in four months. This move resulted in an increase of over 13,000%. The price has since fallen to around $0.20, giving it a market cap of around $30 billion.
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These profits allowed the largest holders of the token to earn huge profits. At its peak, the largest wallet holdings were worth over $23 billion. However, this amount was not realized as the token was acquired in his 2023 year.
The largest wallets started purchasing DOGE in the summer of 2023 and became the largest holders of the token within a month. In this wallet he has over 31 billion of his DOGE stored, currently worth $5.9 billion. At its peak, the wallet held assets worth 33 billion DOGE, or $6.9 billion.
At its peak in 2021, the maximum amount of DOGE held by a single wallet was over 5 billion DOGE, translating to approximately $3.5 billion. The wallet owner has not sold a single penny of DOGE, which is currently worth over $1 billion.
A total of 1,101 wallets currently hold over $1 million in DOGE. However, as the price of DOGE changes, this number will change as well. Additionally, the top 15 addresses account for approximately 50% of the supply. The top 136 wallets hold 70% of the token supply. Conversely, 25% of wallets account for less than 0.01% of the total supply. These numbers have remained fairly constant over the past year, indicating that DOGE's performance over the past four months may have been driven by small investors who have thrown the supply out of balance.
These numbers pertain to on-chain addresses only and do not include DOGE investors who store their tokens on centralized exchanges such as Coinbase. Therefore, the number of investors with over $1 million is likely to be even higher. However, the number of people holding his $1 million+ worth of DOGE on centralized exchanges is not public information.
These movements indicate that DOGE is primarily held by whales, which are large holders of the token. This is good information to keep in mind, as these whale movements, whether buying or selling, can cause large price movements in the market.
It will be interesting to see how these characteristics of DOGE relate to market movements, as the majority of the supply is held by a very small number of wallets.
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This article originally appeared on Dogecoin Millionaires Are Increasing: Investors With $1M+ In DOGE Revealed on Benzinga.com
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