Elon Musk May Be A HODLer But Dogecoin Addresses Dropped Sharply Over Last Few Weeks

Data shows that the number of addresses holding Dogecoin DOGE/USD witnessed a sharp drop over the past few weeks.

What Happened: According to an IntoTheBlock chart shared by Ali Martinez, the number of addresses holding DOGE has fallen to 3.89 million from 4.55 million.

#Dogecoin | There's been a significant decline in the number of addresses holding $DOGE, going from 4.55 million addresses to 3.89 million addresses. pic.twitter.com/yGlBjE6V81

— Ali Martinez (@ali_charts) March 14, 2022

The chart’s timeline shows the sharp drop in DOGE holders had happened over the first two weeks of March.

Why It Matters: Tesla Inc TSLA CEO Elon Musk said on Monday that he still owns DOGE and has no plans to sell his cryptocurrency holdings despite being bearish on the U.S. dollar.

Musk is one of Dogecoin’s most influential supporters, and in the past, comments from him about DOGE have led to short bursts of frenzied buying.

But his most recent tweet failed to move the meme coin's price much. DOGE is currently trading at $0.11, down 84.6% from its all-time high. The cryptocurrency has lost 23.8% of its value in the last 30 days alone, and its market cap has fallen to $15 billion.

Price Action: At press time, DOGE was trading at $0.11, up 2.3% in the last 24 hours. Bitcoin BTC/USD was trading at $41,100, up 5.8%, and Ethereum ETH/USD was trading at $2,700, up 6.59% over the same period.

Photo by Kanchanara on Unsplash