Data Shows Dogecoin Millionaires Are A Dying Breed Despite Crypto Market Recovery | Bitcoinist.com

Dogecoin rose to fame in 2021 thanks to Billionaire Elon Musk posts about meme currency to his millions of followers on X (formerly Twitter). The price would rise over 10,000% and reach $0.7 before retreating, making several new millionaires along the way. However, as the bear market continues, the number of Dogecoin Wallets who are entitled to millionaire status has been declining rapidly, falling by more than 50%.

Only 546 Dogecoin millionaires left

Data of BitInfoCharts reveal the shocking decline that has taken place throughout the Dogecoin Wallets who can boast of millionaire status. This figure, which exceeded 1,000 during the 2021 pumping period, has fallen by more than 50% between 2022 and 2023.

According to the website, there are now only 546 Dogecoin wallets containing coins worth $1 million and more. These wallets containing at least 10 million DOGE have seen a steady decline as investors abandon the meme coin in search of better prospects.

The figure is even more shocking when you look at portfolios that have more than $10 million in their balances. The data shows that there are only 88 of these wallets, indicating that this could be a dying breed.

Source: BitInfoCharts

However, these wallets, despite their small number, control a significant portion of the DOGE supply. Concentration by large holders is one of the highest in space, with 65% of the total supply controlled by these whale addresses.

Smaller investors, who make up a larger part of the base of more than 3 million holders, are left with only 35% of the circulating supply. To put this in perspective, only 78 investors control 21.81% of the total DOGE supply, which translates to 31.69 billion DOGE.

DOGE whales don't give up

Despite the decrease in the number of Dogecoin millionaire addresses, DOGE whales are not giving up on the meme currency. Data of In the block points to the accumulation among these large holders who have been completing their balances in recent days.

Between November 14 and 15, the large holder inflow metric showed a significant increase with 960 million DOGE flowing into the addresses of these large holders. However, they may be selling almost as much as they are buying, as the large holder exit metric saw a 98.65% increase to 872.31 million. DOGE leaving their balances.

A selling trend among these large investors could explain why the Dogecoin Price has fallen behind the rest of the crypto market. DOGE's inability to break above the $0.1 level has baffled investors, especially as companies like Solana (SOL) have seen increases of 50% in just 7 days.

DOGE price a long way away from ATH | Source: DOGEUSD On Tradingview.com

Featured image from Analytics Insight, chart from Tradingview.com