In 2021, driven by Elon Musk's comments and a large following on social media, Dogecoin (DOGE) took the internet by storm.
The price increase of this token is the largest among all assets in history: since its launch in 2013, the token has risen by over 33,000%. Who is investing in this project? How much have they earned?
DOGE started trading in 2013, and it wasn't until early 2021 that the price fluctuated significantly, rising from a fraction of a cent to nearly $0.75 in just four months. This move marked an increase of over 13,000%.
Currently, the price has dropped to around $0.14, with a market cap of about $20.8 billion.
These gains have allowed the largest holders of the token to reap substantial profits. The largest wallet began purchasing DOGE in the summer of 2023 and became the largest holder of the token within a month. This wallet holds over 31 billion DOGE, valued at about $5.9 billion.
At its peak, the wallet held 33 billion DOGE, worth up to $6.9 billion.
Currently, about 1,101 wallets own DOGE worth over $1 million. However, this number may change with the fluctuations in DOGE's price.
Overall, the top 15 addresses hold about 50% of the supply, and the top 136 wallets hold 70% of the token supply.
Meanwhile, 25% of wallets account for less than 0.01% of the total supply. These numbers have remained relatively stable over the past year, indicating that DOGE's performance in the last four months may have been driven by small investors breaking the supply balance.
These numbers only apply to on-chain addresses and do not include DOGE investors who store tokens on centralized exchanges like Coinbase.
Therefore, the number of investors holding over $1 million may be higher. However, the number of people holding over $1 million in DOGE on centralized exchanges is not publicly available.
These dynamics suggest that DOGE is mainly held by a large number of token holders, and since most of the supply is controlled by a few wallets, the trading of these wallets significantly impacts the price movement.
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