Dogecoin has hit a significant milestone with over 5 million wallet addresses. This achievement, highlighted in a recent tweet by IntoTheBlock, coincides with a remarkable surge in Dogecoin user activity.
The data shows an unusual increase in active addresses, reaching 168,000—not seen since March 2022, marking the highest engagement over a year.
This impressive growth in Dogecoin’s network is driven by a 1,000% transaction surge over the past ten days, reaching levels not seen since June. While these numbers indicate growing interest, they also highlight ongoing concerns about the concentration of Dogecoin ownership.
Reports suggest that fewer than 5,000 addresses control over 80% of Dogecoin’s total supply, prompting questions about decentralisation and fair distribution within the DOGE ecosystem.
Dogecoin: The Market Dynamics
Despite worries about ownership concentration, Dogecoin’s market capitalisation has risen by 14%, bringing its valuation to nearly $11 billion. This increase in market value corresponds with the increasing use and acceptance of Dogecoin.
Additionally, data from IntoTheBlock indicates a favourable position for DOGE investors, with 57% of DOGE wallets currently being ‘In The Money,’ indicating that these investors profit from their holdings.
Notably, 73% of DOGE investors have maintained their position for over a year, demonstrating a substantial foundation of long-term holders.
Latest Highlights in the Dogecoin’s Journey
In recent articles from CNF, several noteworthy developments in Dogecoin’s journey have come to light. These include the ambitious “Astrobotics” plan to send Dogecoin to the moon, its defiance of market trends alongside Hedera (HBAR), and the record-breaking growth in Dogecoin holders. These events emphasise the dynamic and unpredictable nature of the crypto market, particularly in the unique trajectory of Dogecoin.
Beyond financial gains, Dogecoin’s journey in crypto reflects the evolving digital currency landscape and the vibrant community supporting it. It serves as a reminder of cryptocurrencies’ broader potential and impact in capturing widespread interest and imagination.