10 Years of Soaring 330 Times! Are Dogecoin Players Raking It In?

Original by Salon Jun

In 2021, spurred by comments from Elon Musk and a large following on social media, Dogecoin (DOGE) took the internet by storm.

The price increase of this token is the largest of any asset in history: since its launch in 2013, the token has risen over 33,000%. Who is investing in this project? How much have they earned?

DOGE started trading in 2013, and it wasn't until early 2021 that the price saw significant volatility, when the token surged from a fraction of a cent to nearly $0.75 in just four months. This move marked an increase of over 13,000%.

Currently, the price has retreated to around $0.14, with a market capitalization of approximately $20.8 billion.

These gains have provided substantial profits to the largest holders of the token. The largest wallet began buying DOGE in the summer of 2023 and became the largest holder of the token within a month. This wallet holds over 31 billion DOGE, valued at around $5.9 billion.

At its peak, this wallet held 33 billion DOGE, worth as much as $6.9 billion.

Currently, about 1,101 wallets hold DOGE worth over $1 million. However, as the price of DOGE fluctuates, this number may also change.

Overall, the top 15 addresses hold about 50% of the supply, while the top 136 wallets hold 70% of the token supply.

Meanwhile, 25% of wallets account for less than 0.01% of the total supply. These figures have remained relatively stable over the past year, indicating that the performance of DOGE in the last four months may have been driven by small investors disrupting the supply balance.

These figures apply only to on-chain addresses and do not include DOGE investors who hold tokens on centralized exchanges like Coinbase.

Therefore, the number of investors holding over $1 million may be higher. However, the number of people holding over $1 million in DOGE on centralized exchanges is not publicly available.

These dynamics indicate that DOGE is primarily held by a large number of token holders, and since most of the supply is concentrated in a few wallets, the trading of these wallets will largely impact the price trend.

Note: This article is for informational purposes only and does not constitute any recommendation. Investors should engage in legal investment activities based on local laws and regulations.