Dogecoin Millionaires Increase by Only Two in a Year
Date: 2023-12-21 Author: Dima Zakharov Categories: BLOCKCHAIN
The Rise of Dogecoin Millionaires
2023 has been a significant year for Dogecoin, the cryptocurrency that started as a meme. Its price has seen an impressive increase of almost 22%, driving the surge in the number of wallets holding over $1 million worth of DOGE. These statistics become more fascinating when compared to December 2022, when there were a total of 716 such wallets. As of December 20, 2023, the count of wallets owning DOGE valued at more than $1 million reached 718, a mere two-address increase compared to the previous year.
Currently, there are 611 DOGE holders with balances exceeding $1 million, according to BitInfoCharts.com. Additionally, there are 107 addresses with balances surpassing $10 million, reflecting an increase of 79 addresses compared to the previous year.
The Inflationary Nature of Dogecoin
The modest increase in Dogecoin millionaires can be attributed to the inflationary nature of Dogecoin itself. This continuous influx of new coins into circulation potentially reduces the value of large wallet balances, making it more challenging to reach the $1 million threshold.
It's worth noting that one owner can control multiple addresses, which introduces some inaccuracies in the current calculation.
Current DOGE Price and Trend
As of now, DOGE is trading at $0.093, with a 1.8% increase in the last 24 hours. This positive momentum has resulted in a weekly gain of 0.7% and a monthly gain of 15.1%.
The cryptocurrency is currently trading above its 200-day simple moving average, confirming a positive trend in its price.
In conclusion, while Dogecoin's value has risen significantly in 2023, the number of Dogecoin millionaires has increased only modestly due to the cryptocurrency's inflationary nature. Nonetheless, DOGE continues to show promising price trends in the market.
