Proprietatea Dogecoin este foarte concentrată, arată raportul de analiză în lanț

New York-based blockchain data platform Chainalysis dezvăluit on Tuesday that investors are adopting the meme coin, Dogecoin, at a level not seen since the late 2017 bull run. While long-term Doge holders have reduced their stake, new investors have increased their stake in the supply from 9% in July 2020 to 25% in August 2021.

As posted by Philip Gradwell, Chief Economist at Chainalysis, Dogecoin ownership is highly concentrated. About 106 billion DOGE, or 82% of the supply, is held by 535 entities, each occupying more than 10 million doge, or 0.01% of entities. Currently there are 4 million on-chain holders of the coin.

În lanț, Doge este adoptat de noi investitori la un nivel nemaivăzut de la sfârșitul anului 2017, iar noii investitori își cresc cota de aprovizionare de la 9% în iulie 2020 la 25% în august 2021. pic.twitter.com/W782qNhyMW

- Philip Gradwell (@philip_gradwell) August 16, 2021

Doge is the most traded cryptocurrency so far in 2021. Its price rose from $0.005685 at the start of the year to a peak of 69 cents on May 7. This price hike was so significant that a Goldman Sachs executive made millions and later quit his job at the firm. Chainalysis report speculates that the Reddit community, attention of Elon Musk on-chain activity, rising trading volumes on top exchanges are some major reasons behind the coin’s popularity surge this year.

Correlation is not causation: spikes in active users and price coincide with Doge-related social media, from Reddit activity to Elon Musk tweets. But an increase in on-chain activity around these events indicates the strength of the response.

- Philip Gradwell (@philip_gradwell) August 16, 2021

The Rising Trading Volume Dogecoin On  Top Exchanges

The rising trading volume on Coinbase and other major cryptocurrency exchanges is another major reason catching analyst attention to the coin. Per a recent tweet from Pentoshi, the 24-hour trading volume of Doge on Coinbase, has notably exceeded $200 million per day over the past week.

Tocmai am văzut $ DOGE volum pe Coinbase săptămâna trecută și Dumnezeule

Au fost niște cumpărători masivi de 200 de milioane USD pe zi de Doge în volum numai pe CB (fiat direct pe rampă) începând cu o săptămână

Deși nu-l schimb la 1 $+, cred că va ajunge acolo. Scopul meu este .40-.45 pic.twitter.com/VBtdAWtdjk

— Pentoshi 🐧 Nu vă voi trimite DM (@Pentosh1) August 15, 2021

Ca și înainte raportate by CoinGape, Coinbase is the largest crypto exchange of the United States and this volume spike may have analysts convinced that DOGE is turning bullish again and that the retail investors are piling back into the coin. Market influencers like Elon Musk and Mark Cuban have also largely influenced the general mass in building up a bullish sentiment surrounding the coin.

Nu-l dau pe Doge. Recunosc produsele și serviciile companiilor mele. Acolo unde le permitem oamenilor să plătească în ORICE cripto, 95% din vânzări sunt în DOGE. Clienții Aleg să folosească DOGE. Putem argumenta totul și orice despre BTC, dar acum DOGE este modalitatea oamenilor de a plăti. #DOGEFACTS https://t.co/59HbSIWh8w

- Mark Cuban (@mcuban) August 15, 2021

As per Gradwell, meme coin Dogecoin is directly linked with the craziness and creativity of the internet. Its price surge indicates that cryptocurrencies are being largely utilized in branding for financial assets. Although the demand and price of the coin is driven by social media, the coin is similar to all the other existing assets.

dogecoin was trading at $0.3156 after losing 1.32% in the past 24-hours. The meme coin has managed to gain 42% over the past week and it is looking forward to making further price leaps.

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