Dogecoin Accumulation: DOGE Millionaires Have Shot Up By 76%
March 07 2024 - 12:00PM
NEWSBTC
On-chain data shows the total number of Dogecoin millionaires has
observed a steep increase over the past month, a sign of strong
accumulation. Dogecoin Millionaires Have Jumped 76% In Past Month
According to data from the market intelligence platform
IntoTheBlock, the number of Dogecoin millionaires has been
skyrocketing recently. “DOGE millionaires” here refer to the
addresses that are carrying at least $1 million in their balance.
Related Reading: Bitcoin Short-Term Holders Panic Capitulate $2.6
Billion In BTC Crash The below chart shows how the total number of
such addresses has changed over the past month. The data for the
two millionaire groups of the memecoin | Source: IntoTheBlock on X
From the graph, it’s visible that the Dogecoin investors carrying
between $1 million to $10 million worth of coins have seen their
total count rapidly go up since the end of February. This range
would include the sharks as well as the smaller of the whales, so
this trend would imply interest in the cryptocurrency has sharply
risen among these large entities. Following the latest increase,
the total count of addresses holding a balance in this range has
crossed the 800 mark. The largest of the investors in the market,
those with more than $10 million in DOGE, have also seen their
number grow in the same period, as the chart displays. The
population of these humongous whales has now crossed the 200 mark.
This means that in all, there are now more than 1,000 millionaires
on the Dogecoin network. This corresponds to a growth of around 76%
in the past 30 days, which is a pretty rapid increase. Since the
indicator has caught pace, DOGE has also witnessed an impressive
rally, which may not be a coincidence. Naturally, if the number of
these millionaires continues to rise into the near future, it would
be a sign that big money interest in the memecoin is still
furthering, which would be a positive sign for the rally. DOGE
Price Has Enjoyed A Sharp Rally Recently Towards the end of last
month, Dogecoin finally managed to break free of its long spell of
consolidation and did so in quite the spectacular fashion as well.
As the chart below shows, DOGE has observed a rapid rise in the
past couple of weeks. Looks like the price of the memecoin has
witnessed some sharp bullish momentum recently | Source: BTCUSD on
TradingView During this rally so far, Dogecoin has managed to reach
a high beyond the $0.20 level. Since this peak, however, the coin
has seen some notable drawdown, as it’s now trading around $0.15.
From the chart, it’s visible that the initial sharp crash in the
memecoin had occurred at the same time as Bitcoin had plummeted
following a breach of its previous all-time high price. Related
Reading: Solana Open Interest Plunges 20%: What It Means For Price
Unlike BTC, though, which has made some significant recovery
already, DOGE is yet to close back in on its recent highs. Despite
this significant pullback, though, the coin’s investors would still
be carrying profits of more than 95% over the past month,
showcasing just how strong its recent bullish momentum has been. In
terms of the market cap, Dogecoin is currently the nineth-largest
asset in the sector, some distance behind eighth-placed Cardano
(ADA). DOGE's market cap appears to be almost $22 billion at the
moment | Source: CoinMarketCap While Dogecoin still has a
comfortable gap to Shiba Inu (SHIB) in tenth, its rival is fast
approaching it with a run of a whopping 131% in the past week.
Featured image from Kanchanara on Unsplash.com, CoinMarketCap.com,
IntoTheBlock.com, chart from TradingView.com
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