Dogecoin Holders on the Move: a Surge in Addresses with Non-Zero Balances375

Over the past year, the number of Dogecoin (DOGE) addresses with non-zero balances has seen a significant surge, indicating growing interest and adoption of the cryptocurrency. According to data from Bitinfocharts, the number of such addresses has increased from approximately 4 million in January 2022 to over 5.5 million as of February 2023, marking a notable 37.5% increase.

This growth in active Dogecoin addresses suggests that more individuals are acquiring and holding DOGE, potentially driven by factors such as its low transaction fees, strong community support, and increasing acceptance by merchants. The increasing number of holders also reflects the growing recognition of Dogecoin's potential as a viable cryptocurrency for everyday transactions and as a store of value.

In parallel with the surge in active addresses, the total supply of DOGE held by addresses with non-zero balances has also witnessed a substantial rise. Currently, these addresses collectively hold over 115 billion DOGE, representing an increase of more than 20% compared to the beginning of 2022. This accumulation trend indicates that investors are not only acquiring DOGE but are also choosing to hold it for potential future gains.

Interestingly, the distribution of DOGE holdings among addresses reveals a significant concentration of the cryptocurrency in a few large wallets. The top 100 Dogecoin addresses collectively possess over 60% of the total supply held by non-zero balance addresses. This concentration pattern suggests that a small number of entities, potentially including exchanges, whales, or institutional investors, hold a disproportionate amount of Dogecoin.

The growing number of Dogecoin holders and the increasing total supply held by non-zero balance addresses are positive indicators for the long-term prospects of the cryptocurrency. These trends demonstrate growing adoption, increased recognition as a viable digital asset, and the potential for further value appreciation in the future. As Dogecoin continues to gain traction and utility, the expansion of its active address base and the accumulation of supply by holders are likely to continue, further solidifying its position in the cryptocurrency landscape.

2025-02-05

Previous：Dogecoin Market Cap Ranking: A Journey of Ups and Downs

Next：The Dogefather: A Comprehensive Guide to Dogecoin for Shibe Enthusiasts