Number of Dogecoin Whale Addresses Rises After Accumulating 620 Million $DOGE

The number of whale addresses on the network of the meme-inspired cryptocurrency Dogecoin ($DOGE) has recently moved up by 5,13% after six new whales joined the investor class by scooping up 620 million tokens.

According to popular cryptocurrency analyst Ali Martinez, who shared that from cryptocurrency analytics firm IntoTheBlock, the number of addresses holding between 100 million and 1 billion $DOGE has moved up by six, with the whales buying up $37.6 million worth of the meme-inspired cryptocurrency.

Dogecoin is currently trading at $0.06 after losing around 64% of its value so far this year amid a wide market downturn in the cryptocurrency space, partly due to wider macroeconomic factors and Russia’s invasion of Ukraine.

Also read: How Long Does It Take to Mine 1 Dogecoin?

The meme-inspired cryptocurrency is notably supported by Tesla CEO Elon Musk, who has said he wants to keep supporting DOGE “wherever possible” and has even started selling Tesla merchandise priced in the cryptocurrency.

Dogecoin was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. It is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge”, a Shiba Inu (a Japanese breed of dog).

Since then, its popularity has substantially increased, especially this year when Musk, Mark Cuban, and other celebrities kept on promoting the cryptocurrency on social media as cryptocurrency markets kept on heating up.

Earlier this year Christine Brown, Robinhood Crypto’s first COO from April 2021 until March 2022, suggested that the meme-inspired cryptocurrency “does not get the credit it deserves” for helping further cryptocurrency adoption.

As CryptoGlobe reported last year, search interest for DOGE exploded ahead of the cryptocurrency’s 10,000% rally that saw it hit a new all-time high near $0.75. The cryptocurrency has since lost most of its value.

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