Dogecoin (DOGE) took the internet by storm in 2021 after comments from Elon Musk and a large following on social media. The token has seen some of the largest price increases of any asset of all time; the token is up over 33,000% since its launch in 2013. Who is investing in this project? How much have they made? Let’s take a look.
DOGE first began trading in 2013 and did not see much meaningful price action until early 2021 when the token went from a fraction of a cent to nearly $0.75 in four months. This move marked a gain of over 13,000%. The price has since fallen to around $0.20, with a market cap of around $30 billion. You can purchase and sell BTC & DOGE on Coinbase getting up to $200 in rewards for a limited time if you sign up today.
These gains allowed the largest holders of the token to rake in a huge profit. At its peak, the largest wallet’s holdings would have been worth over $23 billion. However, this amount was never realized, as the tokens were acquired in 2023.
The largest wallet began buying DOGE in the summer of 2023 and became the largest holder of the token within a month. The wallet houses over 31 billion DOGE, currently worth $5.9 billion. At its peak, the wallet held 33 billion DOGE, worth as much as $6.9 billion.
The largest amount of DOGE held by a single wallet during the peak in 2021 was over 5 billion DOGE, which translated into around $3.5 billion. The owner of the wallet has not sold any of the DOGE, and it is currently worth over $1 billion.
In total, 1,101 wallets currently own more than $1 million worth of DOGE. However, this number changes as the price of DOGE fluctuates. Additionally, the top 15 addresses hold approximately 50% of the supply; the top 136 wallets hold 70% of the token supply. Conversely, 25% of the wallets make up less than 0.01% of the total supply. These numbers have remained fairly constant over the past year, indicating that DOGE’s performance in the past four months may have been driven by smaller investors tipping the balance of the supply.
These numbers are only for addresses on chain and do not include DOGE investors who keep their tokens on a centralized exchange, such as Coinbase. The number of investors with more than $1 million is likely higher because of this. However, the number of people with more than $1 million of DOGE on centralized exchanges is not public information.
These dynamics indicate that DOGE is largely held by whales — large holders of a token. This is good information to keep in mind, as movements from these whales, whether buying or selling, can cause large price fluctuations in the market.
With the main portion of the supply held by so few wallets, it will be interesting to see how these characteristics of DOGE relate to market movements.
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