Just 3 dormant addresses are behind 6% of Dogecoin ( $0.177 ) (DOGE) market cap

More than 8% of Dogecoin ( $0.177 ) (DOGE) in current circulation rests in the top ten dormant addresses, BitInfoCharts’ data shows.

The blockchain data provider’s chart also reveals that the top three dormant addresses currently account for over 6% of the token’s total market capitalization.

Dormant Dogecoin ( $0.177 ) addresses

The top three dormant addresses have jointly accumulated over 7,8 billion Dogecoin ( $0.177 ) , roughly worth over $2,5 billion at the meme token’s current price.

The heaviest dormant address, holding $1,6 billion worth of Dogecoin ( $0.177 ) , alone accounts for 3.8% of the token’s market cap.

The address saw its first and last outflow transaction in January 2014, when it sent 999.999 Dogecoin ( $0.177 ) , worth roughly $153,831 at the time when the young token traded at $0.0009.

The other two addresses haven’t seen any outflow action since the start of their Dogecoin ( $0.177 ) accumulation.

The second heaviest dormant address was opened in August 2014 and is currently sitting on $601 million worth of Dogecoin ( $0.177 ) , while the third, holding a more modest $324 million sum originates back to June 2016.

In total, more than 8% of all Dogecoin ( $0.177 ) in circulation are being held by the top ten dormant addresses, jointly accounting for a savory $3.29 billion portion of the token’s current $42.3 billion market cap.

Aggressive new investors 

Meanwhile, new investors, driven by the token’s growing popularity are chiming in strong.

Dogecoin ( $0.177 ) newbies, which bought the token in the past six months now hold a quarter of its overall supply, “while investors who have held for more than two years decreased their share of supply from 30% in July 2020 to 20% today,” revealed the blockchain data platform Chainalysis in a recently published report. 

According to the exclusive on-chain analysis of Dogecoin ( $0.177 ) , the meme token is “currently being adopted by new investors at a level not seen since the late-2017 bull market, with new investors increasing their share of supply from 9% in July 2020 to 25% in August 2021.” 

Despite the growing interest among the new investors, “with 106 billion Doge, 82% of supply, held by 535 entities,” Dogecoin ( $0.177 ) ownership remains concentrated.

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