Dogecoin Whale Address Count Surges After Amassing $620M DOGE
The number of whale addresses on the network of meme-inspired cryptocurrency Dogecoin ($DOGE) recently increased by 5.13% after six new whales joined the investor class by scooping up 620 million tokens.
According to well-known cryptocurrency analyst Ali Martinez, who shared this from cryptocurrency analytics firm IntoTheBlock, the number of addresses holding between $100 million and $1 billion DOGE has increased by six as whales buy for $37.6 million of meme-inspired cryptocurrency. .
Dogecoin is currently trading at $0.06 after losing around 64% of its value so far this year amid a broad market downturn in the cryptocurrency space, in part due to more macro factors. wide and Russia’s invasion of Ukraine.
Also read: How long does it take to mine 1 Dogecoin?
The meme-inspired cryptocurrency is notably backed by Tesla CEO Elon Musk, who has said he wants to continue supporting DOGE “wherever possible” and has even started selling Tesla products at cryptocurrency prices. .
Dogecoin was originally released on December 6, 2013, as a “fun and user-friendly internet currency”. It was created by Billy Markus and Jackson Palmer. It is a “decentralized, peer-to-peer digital currency” which has the mascot “Doge”, a Shiba Inu (a breed of Japanese dog).
Since then, its popularity has grown significantly, especially this year when Musk, Mark Cuban and other celebrities continued to promote cryptocurrency on social media as cryptocurrency markets continued to heat up.
Earlier this year, Christine Brown, Robinhood Crypto’s first COO from April 2021 to March 2022, suggested the meme-inspired cryptocurrency “isn’t getting the credit it deserves” for driving adoption. of cryptocurrency.
As CryptoGlobe reported last year, search interest in DOGE skyrocketed 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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