Bullish News for
$DOGE Holders and Investors 🤯🥶
The number of addresses holding Dogecoin (DOGE) has exceeded 5 million for the first time, with its market value surging by 14% to almost $11 billion this month.
The active addresses on the DOGE network have more than doubled, reaching their highest count since March 2022.
Additionally, confirmed transactions on the Dogecoin blockchain have skyrocketed to the highest level since June, increasing by a staggering 1,000% in the last 10 days
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However, there's a concern about the way Dogecoin is owned. BitInfoCharts revealed that fewer than 5,000 addresses control over 80% of Dogecoin's supply.
This means that a small number of traders have significant control over its price, which raises some concerns about market manipulation.
The increased market capitalization of Dogecoin this month, now close to $11 billion, is often associated with a higher adoption and use of the cryptocurrency in various transactions.
Dogecoin gained widespread attention in early 2021 when Elon Musk tweeted memes about the coin, sparking the creation of other dog-themed tokens like Shiba Inu.
This period saw a surge in joke cryptocurrencies due to factors such as lockdowns, government stimulus checks, and increased monetary easing by central banks, encouraging risk-taking in financial markets.
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