Some crypto users holding Dogecoin (DOGE) became millionaires in 2023. A direct consequence of the dynamism experienced by this asset throughout the year. This, in a particularly bullish crypto context in recent weeks. But this result is somewhat mixed. We explain why.
611 crypto wallets host at least $1 million worth of DOGE
The year 2023 is overall prolific for the memecoin Dogecoin (DOGE). Recent reports show that the crypto has seen a notable increase in value of almost 22% since the start of the year.
Obviously, it is the investors in this asset who are rubbing their hands. Indeed, this rise in the valuation of DOGE has led to the emergence of a greater number of millionaires in this crypto.
This seems paradoxical given the inherently inflationary nature of Dogecoin. And yet, the numbers are sufficiently expressive. According to the numbersthe number of DOGE wallets holding more than $1 million stands at 718 as of December 20, 2023.
Of this total, 107 addresses exceed 10 million dollars. A notable increase by the 79 wallets having reached this level in 2022. Not to mention that 611 DOGE wallets have balances between 1 and 9 million dollars.
Mixed year-on-year dynamics
It must be said that year-over-year, the increase in the number of DOGE crypto millionaires is mixed. Compared to 2022, only two new DOGE millionaires emerged compared to the 716 wallets listed in December 2022.
For crypto analysts, this is a big anomaly. The latter, however, can be explained. Analysts attribute this weak rise of DOGE millionaires to the inflationary mechanism of Dogecoin. New units often enter circulation.
However, let us highlight one important detail. Namely that a holder of DOGE cryptos can control several addresses, introducing potential inaccuracies in the counting of DOGE millionaire wallets.
Regardless, this crypto particularly popular with billionaire Elon Musk is part of a positive trend. In fact, over the last 30 days, DOGE has seen gains on 60% of the days it has been traded. It is currently valued at around $0.09, up 2.88% over the past 24 hours, for a weekly decline of 0.43%.
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