Dogecoin (DOGE) has witnessed a notable decline in value over the past year, leading to a significant reduction in the number of accounts holding more than $1 million in this cryptocurrency.
The latest figures contrast substantially with 2022 when the number of addresses holding the meme coin was above 1,000.
As of November 13, the number of DOGE addresses possessing over $1 million stood at 635, a decline from the 1,046 addresses on November 1, 2022.
Dogecoin distribution as of November 13, 2023. Source: BitInfoCharts
A decline in the number of DOGE millionaires could be tied to a significant drop in the asset’s value over the past year. The value plummeted by almost 50% during this period, from $0.15 on November 1, 2022 to $0.08. This bearish sentiment correlates with the decreased interest in meme coins such as Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI).
A significant decrease in Dogecoin’s value has reduced the number of addresses holding over $1 million, dropping from 887 to 548. Similarly, those with holdings exceeding $10 million have decreased from 160 to 87.
It’s essential to note that a feature of this asset is that a single holder can possess multiple addresses, which could lead to the current count being subject to further inaccuracies due to this factor.
Dogecoin distribution as of November 1, 2022. Source: BitInfoCharts
Dogecoin price analysis
At the time of press, DOGE was changing hands at $0.08, marking an -1.75% decrease over the 24-hour period, contrary to the gains made over the 7-day period, which amounted to 8.00% positive change in value and those made over the 30-day period that added up to 32.78% added value.
Dogecoin 24-hour price chart. Source: Finbold
Current data represent a decrease of this asset from its all-time high of -89%, with it being outperformed by 80% of the top 100 crypto assets in the previous year.
However, not everything looks bleak for DOGE. In the previous month, it experienced 20 green days while trading above the 200-day moving average.
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