Recent data from BitInfoCharts, have revealed a significant drop of over 40% in the number of Dogecoin (DOGE) millionaires compared to last year. This reduction reflects Dogecoin’s falling market price, which has nearly halved from $0.15 to $0.08 over the past year.
Despite a 30% increase in value over the past month, DOGE is still down by more than 10% from its November 2022 levels and a substantial 90% from its peak in 2021.
In 2022, there were over 1,000 Dogecoin addresses holding more than $1 million, but as of November 2023, that number has fallen to 635. Out of these, 548 have balances of at least $1 million, with 87 having balances exceeding $10 million.
Bitcoin distribution | Source: BitInfoCharts
Notably, the number of addresses with holdings above $1 million has decreased from 887 to 548, and those with over $10 million in DOGE have reduced from 160 to 87.
This trend is not limited to Dogecoin alone; other meme coins like Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI) are also experiencing reduced interest. Although Pepe is up 94% in the past month, it still remains over 90% down from its all-time high in 2021, which has led to many investors exiting.
The declining number of high-value Dogecoin holders drives concerns about the long-term viability of meme coins. Earlier this year, a study by Chainplay disclosed that nearly 70% of crypto investors purchase meme coins for entertainment rather than long-term gains. As prices fall, confidence in meme coins appears to be vanishing.
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