While the most popular meme token is enjoying an influx of new investors, a large portion of DOGE is held by very few people.
More than 8% of all Dogecoin (DOGE) currently in circulation is in the hands of the ten most important dormant addresses, as data from BitInfoCharts shows.
The blockchain data provider’s chart also shows that the top three dormant addresses currently account for over 6% of the token’s total market capitalization.
Inactive Dogecoin addresses
The three most important dormant addresses together have amassed more than 7.8 billion Dogecoin. At the current price of the meme token, that’s about $ 2.5 billion.
The largest dormant address, which Dogecoin holds worth $ 1.6 billion, alone accounts for 3.8% of the token’s market capitalization.
The address saw its first and last outflow transaction in January 2014, when it sent 999.999 Dogecoin. They were worth about $ 153,831 at the time the young token was trading at $ 0.0009.
The other two addresses have not seen any outflows since they started their Dogecoin accumulation.
The second largest dormant address was opened in August 2014. She currently has $ 601 million worth of Dogecoin. The third address, on the other hand, which holds a more modest sum of $ 324 million, dates back to June 2016.
Overall, more than 8% of all Dogecoin in circulation are held by the ten most important dormant addresses. Together, they account for $ 3.29 billion of the token’s current market capitalization of $ 42.3 billion.
Aggressive new investors
In the meantime, new investors have spoken out – fueled by the token’s growing popularity.
Dogecoin newbies who bought the token in the last six months now hold a quarter of the total offer, “while investors who have held the token for more than two years increased their share of the offer from 30% in July 2020 to 20% today. the blockchain data platform Chainalysis in a recently published report.
According to Dogecoin’s exclusive on-chain analysis, the meme token is “currently being accepted by new investors at a level not seen since the bull market in late 2017, with new investors increasing their share of the offer from 9% in July 2020 Increase 25% in August 2021 “.
Despite growing interest among new investors, 82% of the offer is held by 535 companies: 106 billion doge. So the distribution of Dogecoin remains uneven.
Proof of text: Cryptoslate
Last updated on August 22, 2021
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