The variety of Dogecoin wallets holding over $1 million has almost halved this yr, registering a 40% decline since final November.
The variety of Dogecoin (DOGE) millionaires has declined by greater than 40% year-to-year, in response to knowledge from BitInfoCharts. Regardless of the meme coin’s 30% surge in a month, it’s nonetheless over 10% in need of its worth from final November, an enormous 90% off from its all-time excessive again in 2021. This somewhat regular decline over the previous two years may very well be a key motive why DOGE millionaires have gotten scarce.
In 2022, over 1,000 Dogecoin addresses held greater than $1 million in worth. As of November this yr, this determine has fallen to 635.
Breaking down these numbers, 548 of those addresses at present maintain a minimum of $1 million in Dogecoin, whereas 87 of them have balances exceeding $10 million. This discount in high-value holdings displays the broader lower in Dogecoin’s market worth, which has almost halved over the yr, plummeting from $0.15 to $0.08.
Notably, the variety of Dogecoin addresses with holdings above $1 million has declined from 887 to 548. Equally, the variety of addresses with over $10 million in DOGE has been decreased from 160 to 87.
Vanishing confidence in meme cash
This downturn mirrors a wider pattern within the meme coin market, comparable to Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI), which have additionally seen diminished curiosity. Pepe, regardless of being up by an enormous 94% in a month, has seen many buyers exiting.
These statistics drive a wider concern in regards to the long-term prospects of meme cash. Earlier this yr, a study by Chainplay revealed that just about 70% of crypto buyers put money into meme cash for enjoyable somewhat than having a HODL perspective.