There are only 3 idle addresses behind 6% of Dogecoin (DOGE) market cap. On the one hand, the most popular meme token is flooded by new investors, on the other hand, a large amount is held by a few people. According to data from BitInfoCharts, more than 8% of current circulating Dogecoin (DOGE) is in the top ten dormant addresses. The blockchain data provider’s graph also reveals that the top three idle addresses currently account for more than 6% of the token’s total market value. interesting details Cryptocoin. com.

Still Dogecoin addresses

The top three idle addresses have accumulated a total of 7.8 billion Dogecoins, which is roughly over $2.5 billion at the current price of the meme token. The heaviest dormant address holding $1.6 billion in Dogecoin alone accounts for 3.8% of the token’s market cap. The address saw its first and last exit in January 2014, when it sent 999,999 DOGE, which was worth approximately $153,831 while the teen token was trading at $0.0009.

The other two addresses have not seen any exit action since the start of their Dogecoin savings. The second heaviest dormant address opened in August 2014 and is currently sitting at $601 million worth of Dogecoin, with the third going back to June 2016 with a more modest $324 million. In total, over 8% of all Dogecoin in circulation, a delicious $3.29 billion portion of the token’s current $42.3 billion market cap, is held by the top ten dormant addresses.

Aggressive new investors

Meanwhile, new investors, driven by the token’s growing popularity, are showing strong demand. Blockchain data platform Chainalysis said in a recent report:

Newcomers to Dogecoin who bought the token in the last six months now have a quarter of its total supply, while investors who have held it for more than two years have reduced their supply share from 30% in July 2020 to 20% today.

According to Dogecoin’s private on-chain analysis, the meme token is “currently being adopted by new investors at a level not seen since the bull market of late 2017, increasing their supply share from 9% in July 2020 to 25% in August 2021. raising. ” Despite increasing interest among new investors, “82% of the supply is controlled by 535 entities with 106 billion Doges held. Dogecoin ownership remains concentrated.

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Michael Lewis


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