611 Crypto Wallets with $1 Million: Dogecoin Creates a Wave of Millionaires in 2023

Some crypto users who held Dogecoin (DOGE) became millionaires in 2023. This is a direct consequence of the momentum the asset experienced throughout the year, in a crypto market that has been particularly bullish in recent weeks. However, the outcome is somewhat mixed. We explain why.

611 crypto wallets host at least $1 million of DOGE

The year 2023 has been largely prolific for the memecoin Dogecoin (DOGE). Recent information shows that the crypto has seen a notable increase in its value, nearly 22 % since the start of the year.

Naturally, investors in this asset are rejoicing. Indeed, the increased valuation of DOGE has led to a rise in the number of millionaires in this cryptocurrency.

This seems paradoxical given the inherently inflationary nature of Dogecoin. Yet, the numbers are sufficiently expressive. According to the figures, the number of DOGE wallets holding more than one million dollars stood at 718 as of December 20, 2023.

Of this total, 107 addresses exceed $10 million. This is a notable increase compared to the 79 wallets that reached this level in 2022. Not to mention that 611 DOGE wallets possess balances between 1 and 9 million dollars.

A Mixed Dynamics in Year-On-Year Terms

It should be said that in year-on-year terms, the increase in the number of DOGE crypto millionaires is mixed. Compared to 2022, only two new DOGE millionaires have emerged in contrast to the 716 wallets listed in December 2022.

For crypto analysts, this is a significant anomaly. This can be explained, however. Analysts attribute this modest rise in the number of DOGE millionaires to the inflationary mechanism of Dogecoin, with new units frequently entering circulation.

It is important to highlight a key detail. Namely, that a DOGE crypto holder can control multiple addresses, introducing potential inaccuracies in the count of millionaires with DOGE wallets.

Regardless, this crypto, particularly favored by billionaire Elon Musk, is on an upward trend. Indeed, over the past 30 days, the DOGE has logged gains on 60 % of the days it has been traded. It is currently valued at around $0.09, up 2.88 % in the past 24 hours, with a weekly decline of 0.43 %.