Dogecoin (DOGE) gained significant attention in 2021 following endorsements from Elon Musk and a growing social media community. Since its inception in 2013, the cryptocurrency has experienced substantial price appreciation.
Initially trading at a fraction of a cent, DOGE remained relatively stable until early 2021, when its price surged to nearly $0.75 within four months, marking an increase of over 13,000%. As of December 29, 2024, DOGE is trading at approximately $0.32, with a market capitalization around $47.4 billion.
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Dogecoin (DOGE) has experienced significant fluctuations in its holder distribution, particularly among large investors, commonly referred to as "whales."
Major Holders and Their Holdings:
- Largest Wallet: The most substantial DOGE wallet is associated with Robinhood, holding approximately 31.8 billion DOGE, equating to about $5.2 billion.This represents roughly 22.1% of the total DOGE supply.
- Second Largest Wallet: Binance, a leading cryptocurrency exchange, controls the second-largest DOGE wallet, containing around 8.9 billion DOGE, valued at approximately $1.4 billion, accounting for 6.1% of the supply.
- Third Largest Wallet: An unidentified entity holds about 7.2 billion DOGE, worth nearly $1.1 billion, making up 5% of the total supply.
Distribution Among Wallets:
- Top 10 Holders: Collectively, the top 10 DOGE holders possess over 44% of the total supply.
- Wallets Holding Over $1 Million: The number of wallets with DOGE holdings exceeding $1 million has seen fluctuations.In 2022, there were over 1,000 such addresses, which declined to 635 by November 2023.However, recent data indicates a resurgence, with addresses holding over $1 million surpassing 1,000 following DOGE's price increase.
- Recent Increases: In the past month, 121 new DOGE wallets holding over $1 million each have been created, signaling significant interest from investors.
Implications of Whale Holdings:
The concentration of DOGE in a limited number of wallets suggests that large transactions by these holders can significantly impact market prices.Notably, the largest wallet associated with Robinhood has not exhibited significant selling activity, indicating a strategy of holding rather than liquidating large DOGE positions.
Considerations for Investors:
While on-chain data provides insights into DOGE distribution, it's important to note that holdings on centralized exchanges may not be fully represented.Therefore, the actual number of investors with substantial DOGE holdings could be higher than on-chain data suggests.
Understanding the distribution of DOGE among wallets is crucial, as movements by large holders can lead to significant market fluctuations.Investors should remain aware of these dynamics when making investment decisions.
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