fbpx
QQQ
-0.45
326.21
-0.14%
DIA
-4.92
352.74
-1.41%
SPY
-3.82
421.92
-0.91%
TLT
-0.78
138.60
-0.57%
GLD
-0.01
172.15
-0.01%

Around 100 People Control DOGE's Entire $46B Market: Report

April 19, 2021 6:32 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Around 100 People Control DOGE's Entire $46B Market: Report

Dogecoin (CRYPTO: DOGE) has been hard to ignore lately, as the meme-based cryptocurrency rose to become the sixth-largest with over $46 billion in market cap.

What Happened: With 7,000% year-to-date returns and considerable outperformance against several top cryptocurrencies, DOGE’s appeal to retail investors has steadily been on the rise.

However, several crypto influencers and traders have cautioned against going “all-in” on DOGE, citing concerns of a few large holders controlling the majority of its supply.

See also: How to Buy DOGE

Over 65% of Dogecoins are distributed among just 98 wallets across the world, while the single largest wallet holds 28% of all Dogecoins.

In fact, just five wallets control 40% of the coin’s supply.

Essentially, around 100 people control the entire $46 billion DOGE market.

“The scam is simple – Hold on to Dogecoin till there is enough traction after it multiplies, dump all coins and cash out – Become instant billionaires,” said Akand Sitra of cryptocurrency risk management platform TRM Labs.

Why It Matters: Sitra’s analysis of DOGE’s supply distribution was possible due to the nature of blockchain transactions, which are available for anyone to see on the open distributed ledger.

Some on-chain analytics of the top DOGE holders led experts to believe that the cryptocurrency’s supply is concentrated among just a few holders.

“The Dogecoin bubble will burst by the end of this year, easily,” said Sitra.

Other traders in the space echoed this sentiment, calling it the reason why they will never be in DOGE “no matter the gains.”

At press time, DOGE was trading at $0.3976, up 32% overnight and 394% in the past seven days. DOGE holders were preparing for April 20, where a large group of retail traders has predicted the coin will touch $0.69.

See Also: Dogecoin Creator Defends Meme Crypto's Supply: Doesn't 'Matter For Price'

Image: Ivan Radic via Flickr


Related Articles

Thiel-Backed Blockchain Company Launches Decentralized Crypto Exchange With $10B Of Funding

Block. one — the firm that developed the software behind major cryptocurrency EOS (CRYPTO: EOS) — launched a decentralized cryptocurrency exchange (DEX) through its new dedicated subsidiary Bullish Global. read more

Palantir Stages Reversal Following 'Phenomenal' Earnings Report, Says Roger Monteforte

The volatile price action in Palantir Technologies Inc (NYSE: PLTR) was less about the Bitcoin (CRYPTO:BTC) news and more about the company's fantastic earnings report, founder and CEO of Forte Capital Group Roger Monteforte said Tuesday on CNBC's "Closing Bell.&qu read more

Goldman Sachs Director Allegedly Leaves The Bank After Making Fortune From Dogecoin: Report

A Goldman Sachs (NYSE: GS) managing director reportedly left the job after making a significant amount of money with Dogecoin (CRYPTO: DOGE). read more

Blockchain Review Token Revain (REV) Surges 274% In A Day: What You Need To Know

REV, a native crypto asset of blockchain review platform Revain, surged over 274% to a high of $0.0515 in the past 24-hours. What Happened: Founded in 2018, Revain was created as an online platform for Ethereum (CRYPTO: ETH) blockchain token reviews allowing developers to receive feedback about their projects. read more