Amidst all the hype and speculation about meme-inspired cryptocurrencies like Dogecoin (DOGE), there’s an interesting trend: the number of wallet addresses holding DOGE has skyrocketed by 85%.
What’s even more interesting is that the majority of Dogecoin investors are currently in a profitable position. However, there seems to be a general hesitancy among them to sell off their Dogecoin holdings.
Dogecoin Addresses: 85% in Profit, 12% in Loss
Analyzing blockchain data from IntoTheBlock reveals an intriguing trend among Dogecoin addresses. As of now, nearly 85% of these addresses are situated in the profit zone, indicating favorable returns for the holders.
Dogecoin Price Distribution. Source: IntoTheBlock
In contrast, only about 12% of Dogecoin addresses reflect losses at the current price of DOGE. Additionally, approximately 3.3% of addresses hover around the break-even point, neither in profit nor loss.
Dogecoin Exchange Withdrawals: Signs of Bullish Sentiment
Recent data from crypto exchanges reveals an intriguing trend in Dogecoin activity. Despite a significant portion of Dogecoin holders sitting on profitable positions, there has been a notable increase in withdrawals from exchanges.
Over the past week, exchanges experienced a net withdrawal of approximately 110 million more DOGE tokens than deposits. This pattern extends over the last 30 days, with around 62 million DOGE tokens withdrawn. In the last 24 hours alone, a surplus of approximately 218 million DOGE tokens was observed leaving exchanges.
Netflows on Crypto Exchanges. Source: IntoTheBlock
Typically, such a trend signals bullish sentiment in the market. Investors often transfer tokens they intend to hold rather than sell to private wallets instead of keeping them on exchanges.
Dogecoin Network Growth: Strong Performance in 2024
The Dogecoin network has exhibited impressive growth since the beginning of the year. Over the last 30 days alone, the network has recorded an average of 6.3 million DOGE addresses. Each of these addresses holds a balance of Dogecoin, indicating widespread participation and interest in the cryptocurrency.
Number of DOGE Addresses. Source: IntoTheBlock
Dogecoin Network Activity: Recent Trends
Recent data shows a slight downturn in Dogecoin’s network activity. Over the past seven days, there has been a decrease of approximately 12.73% in the creation of new addresses. Additionally, there has been an almost 8% decline in the proportion of active addresses, suggesting reduced engagement within the network.
DOGE Network Activity. Source: IntoTheBlock
An interesting observation is the uptick of nearly 1% in the number of Dogecoin addresses that do not hold any DOGE balances. This trend indicates a shift in the dynamics of address activity within the Dogecoin ecosystem.
Dogecoin Ownership Landscape: Key Insights
In the realm of Dogecoin ownership, a small group of major investors holds a substantial proportion of the tokens. About 77 entities possess holdings ranging from 0.1% to 1% of the total tokens. Collectively, these entities represent approximately 21.3% of the overall Dogecoin supply.
Ownership by Type for Dogecoin. Source: IntoTheBlock
Furthermore, there are 9 notable “whale addresses” that collectively harbor almost 42.5% of all Dogecoins. Each of these addresses individually holds more than 1% of the available tokens, indicating significant concentration of ownership among a select few entities.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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