Dogecoin Reaches 5M Holders But Few Hold 80% Of Supply

The number of crypto addresses holding Dogecoin DOGE/USD has surpassed the 5 million mark for the first time.

What Happened: As per a report from CoinDesk on Monday, data from the on-chain analytics firm IntoTheBlock reveals a surge in DOGE adoption, especially over the past 10 days.

Active addresses have seen a twofold increase to 168,000 since March 2022. The number of confirmed transactions on the Dogecoin blockchain also skyrocketed, marking a 1,000% surge.

See Also: Finder’s ETH Forecast Hits $5.8K By 2025

Why It Matters: It should be noted that less than 5,000 addresses hold over 80% of DOGE’s supply, suggesting that a small group of traders has the potential to influence the meme cryptocurrency’s price.

This month, DOGE’s market capitalization has experienced a 14% increase, nearing the $11 billion mark.

Dogecoin catapulted to fame in 2021, riding on the back of Elon Musk’s tweets and memes.

Last week, crypto trader and analyst Tony "The Bull " identified a technical signal in Dogecoin's that may suggest an upcoming rally for the meme cryptocurrency.

The analyst observed that DOGE reached the one-month Parabolic Stop and Reverse (SAR) indicator—a pattern which, according to him, preceded a 23,000% rally in the past. Tony "The Bull" took to X, saying, "This dog is ready to bite. #Dogecoin tags 1M Parabolic SAR. The last signal produced a $DOGE 23,000% rally."

This dog is ready to bite #Dogecoin tags 1M Parabolic SAR

Last signal produced a $DOGE 23,000% rally pic.twitter.com/ZGr9eFCaea

— Tony "The Bull" (@tonythebullBTC) November 16, 2023

Read Next: ‘Dogecoin Killer’ Shiba Inu’s Blazing Burn Rate Soars 5,000%, 2.7M Tokens Gone In A Day

Photo by Dennis Diatel on Shutterstock

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.