Dogecoin Millionaire Wallets Remain Steady Despite Inflationary Nature

Dogecoin (DOGE), the largest memecoin and the 9th largest altcoin, has seen its price increase by nearly 30 percent since the start of the year. Despite this limited increase in price compared to many altcoins and its inflationary nature, the number of millionaire DOGE investors with balances over one million dollars has remained unchanged, even increasing.

Current Status of Millionaire Level Dogecoin Wallet Addresses

Recent on-chain data shows that the number of total wallet addresses holding Dogecoin at the millionaire level has remained nearly unchanged since December 2022, recorded at 716. As of December 20, 2023, the number of wallet addresses holding over one million dollars in DOGE has increased by only 2 wallets to 718, nearly unchanged from December 2022.

Currently, 611 wallet addresses hold over one million dollars in DOGE. Interestingly, according to data from BitInfoCharts.com, there are 107 wallet addresses with balances exceeding 10 million dollars. The number of wallet addresses in this category has increased by 79 compared to last year. Moreover, the data shows that the number of wallet addresses with balances over one million dollars increased by approximately 100 following the recent price surge of Dogecoin last month.

The number of wallet addresses holding one million dollars or more in DOGE remaining nearly unchanged can be directly attributed to Dogecoin’s inflationary nature; this situation stands out as one that continuously erodes the wealth of existing wallet addresses due to the constant influx of new DOGE into circulation, making it increasingly difficult to surpass the one million dollar threshold.

However, it is important to note that the current figures could potentially be misleading due to the fundamental feature of cryptocurrencies, which is the freedom for an individual investor to control multiple wallet addresses.

DOGE Price Analysis

At the time of writing this article, DOGE is trading at $0.09, down 2.34% in the last 24 hours. This contributes to the negative momentum observed over a 7-day period, which corresponds to a cumulative drop of 11.59% and a loss of 2.03% in value, contrary to the gains recorded over a 30-day period.

The memecoin is currently trading above its 200-day simple moving average, indicating a positive trend. Additionally, the price has characterized 18 of the last 30 days with increases, corresponding to 60% of the trading sessions being positive during this period. Although DOGE has performed better than 63% of the top 100 cryptocurrencies last year, it is currently priced 88% below its all-time high (ATH).