Just 3 dormant addresses are behind 6% of Dogecoin (DOGE) market cap 🚨 This article is 3 years old...
Just 3 dormant addresses are behind 6% of Dogecoin (DOGE) market cap
As the most popular meme token enjoys an influx of new investors, a strong chunk is held by a few.
2 min read
Updated: Oct. 16, 2021 at 2:39 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
More than 8% of Dogecoin (DOGE) in current circulation rests in the top ten dormant addresses, BitInfoCharts’ data shows.
The blockchain data provider’s chart also reveals that the top three dormant addresses currently account for over 6% of the token’s total market capitalization.
Dormant Dogecoin addresses
The top three dormant addresses have jointly accumulated over 7,8 billion Dogecoin, roughly worth over $2,5 billion at the meme token’s current price.
The heaviest dormant address, holding $1,6 billion worth of Dogecoin, alone accounts for 3.8% of the token’s market cap.
The address saw its first and last outflow transaction in January 2014, when it sent 999.999 Dogecoin, worth roughly $153,831 at the time when the young token traded at $0.0009.
The other two addresses haven’t seen any outflow action since the start of their Dogecoin accumulation.
The second heaviest dormant address was opened in August 2014 and is currently sitting on $601 million worth of Dogecoin, while the third, holding a more modest $324 million sum originates back to June 2016.
In total, more than 8% of all Dogecoin in circulation are being held by the top ten dormant addresses, jointly accounting for a savory $3.29 billion portion of the token’s current $42.3 billion market cap.
Aggressive new investors
Meanwhile, new investors, driven by the token’s growing popularity are chiming in strong.
Dogecoin newbies, which bought the token in the past six months now hold a quarter of its overall supply, “while investors who have held for more than two years decreased their share of supply from 30% in July 2020 to 20% today,” revealed the blockchain data platform Chainalysis in a recently published report.
According to the exclusive on-chain analysis of Dogecoin, the meme token is “currently being adopted by new investors at a level not seen since the late-2017 bull market, with new investors increasing their share of supply from 9% in July 2020 to 25% in August 2021.”
Despite the growing interest among the new investors, “with 106 billion Doge, 82% of supply, held by 535 entities,” Dogecoin ownership remains concentrated.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.