Investing.com | Editor Pollock Mondal
Published Nov 02, 2023 03:36AM ET
Dogecoin (DOGE), the early memecoin, has seen substantial growth since the 2021 bull market, although it has yet to surpass its all-time high. The cryptocurrency enjoys strong backing from Elon Musk and a robust community of over 3.83 million wallet addresses. Each wallet holds at least one DOGE, valued at $0.067.
BitInfoCharts data reveals that these addresses collectively hold 141.68 billion DOGE, equating to approximately $9.5 billion. If these addresses were viewed as a population, they would be comparable to Berlin’s 3.67 million residents. However, their combined wealth is significantly lower, approximately 18 times less than Berlin’s GDP of $171.77 billion.
An interesting aspect of Dogecoin’s wealth distribution is its skewness – the top 13 addresses own more than 25% of all available Dogecoins, amounting to around $2.45 billion. This highlights a significant concentration of wealth within a small fraction of the community.
Due to Dogecoin’s pseudonymous blockchain nature, the exact number of individual owners remains unknown since one person can control multiple addresses. Despite this uncertainty, the growth and support for Dogecoin are evident in its increasing number of wallet addresses and its prominent backers such as Musk.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
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