Much Wow! Over 5 Million Addresses Now Hold Dogecoin (DOGE)

Dogecoin, a cryptocurrency inspired by internet meme culture, continues to garner considerable interest. According to data from the on-chain analytics firm IntoTheBlock, DOGE has achieved an impressive milestone of five million addresses holding the crypto asset for the first time.

Dogecoin rose to fame in 2021 after Elon Musk tweeted memes based on the cryptocurrency. As the pandemic was taking a toll on the world, people showed interest in the memecoin as a means of beating lockdown boredom. However, it soon attracted widespread attention which has inspired the creation of other dog-themed projects like Shiba Inu which seek to replicate its success. 

Dogecoin Sees Surge in Activity 

Dogecoin has been experiencing an impressive surge since October. At the time of writing, the asset  price has increased from $0.06 to $0.08, according to data from CoinStats. The Doge ecosystem saw large transactions worth $100,000 and above reaching a new height of 1,500, suggesting whales’ renewed interest in the leading memecoin. Also, wallet addresses holding one million DOGE saw an increase, bringing its current metric to 4,715.

The Dogecoin network also saw a dramatic surge in activity over the past week. The number of active addresses holding DOGE increased to 168,000 which is the most significant engagement since March 2022, according to on-chain data. 

Furthermore, the number of confirmed transactions on the blockchain also surged to the highest since June, with the tally increasing by 1,000% in the past 10 days. DOGE market capitalization has increased by  14% to $11 billion this month. These figures indicate a growing interest and participation in the network. 

IntoTheBlock attributed the increase in transactions on the blockchain to Doginals–the constituent components of Dogecoin, wherein every element represents a distinct entity known as a “Shibe” within the network. These components are distinguished by additional data, such as textual information or visual imagery.

Dogecoin Ownership Still Centralized

Although these figures are significant, the concentration of ownership of the memecoin did not go unnoticed. According to BitInfoCharts, less than 5,000 addresses control more than 80% of DOGE’s supply, which means that a considerable few traders have control over the cryptocurrency’s price.