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There has been a notable decrease in the price of the popular altcoin Dogecoin (DOGE), which reached an all-time high of $0.7376 in 2021. As expected, this situation has led to a significant decrease in the number of wallet addresses holding over one million dollars in altcoin, in other words, the number of millionaires.
Major Decline in the Number of Dogecoin Millionaires
According to the latest data from BitInfoCharts.com, the number of wallet addresses holding over one million dollars in Dogecoin, which was over a thousand in 2022, has significantly decreased since then. As of November 13, there are 548 wallet addresses holding over one million dollars in DOGE. Previous data indicates that this number was 1,046 on November 1, 2022, for this group of wallet addresses.
On the other hand, while there are 548 wallet addresses holding one million dollars or more in DOGE, there are 87 wallet addresses holding over ten million dollars. For this group of wallet addresses, this number was 160 on November 1, 2022. The current figure indicates a decrease of over 50% in this group of wallet addresses since then.
Main Reason for the Decrease: Price Drop
The significant decrease in the number of Dogecoin millionaires seems to be associated with the significant drop in the altcoin’s price last year. The price of the altcoin was $0.15 on November 1, 2022, and has since dropped by approximately 50%, currently hovering around $0.08. This downward trend in Dogecoin has also triggered a decrease in investor interest in rival memecoins such as Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI).
The significant drop in Dogecoin’s price has reduced the number of wallet addresses holding over one million dollars in altcoin from 887 to 548, as mentioned above, and similarly, it has also reduced the number of wallet addresses holding over ten million dollars in DOGE from 160 to 87.
In Bitcoin (BTC) and altcoins, a single owner can create as many wallet addresses as they wish. This means that millionaires in cryptocurrencies can distribute their funds among multiple wallet addresses. This indicates that there may be an error or omission in the number of these millionaires.
