Dogecoin (DOGE), the popular meme-based cryptocurrency, has reached a significant milestone. The number of unique addresses holding DOGE has exceeded 5 million, according to recent reports from IntoTheBlock. This achievement marks a significant step in Dogecoin’s journey, demonstrating its growing popularity and adoption among cryptocurrency enthusiasts.
However, it’s important to note that while the number of addresses has increased, the distribution of DOGE remains highly concentrated. A small number of addresses, specifically around 535, hold approximately 80% of the total DOGE supply. This concentration of wealth, often referred to as “whale” addresses, raises concerns about the potential for market manipulation.
Despite these concerns, the growth in the number of DOGE holders is a positive sign for the cryptocurrency. It indicates a broadening user base and increased interest in DOGE, which started as a joke but has since gained serious attention in the crypto market.
Dogecoin Network Activity Surges to Multi-Month Highs
The Dogecoin network has seen a significant increase in activity recently. The count of active addresses has surged to 168,000, marking the highest level since March 2022. This represents a more than twofold increase. Additionally, the Dogecoin blockchain has recorded a substantial rise in confirmed transactions, reaching a peak not seen since June. Remarkably, the total number of transactions has grown by an impressive 1,000% in just the last 10 days.
Dogecoin is currently trading at $0.078. Although it has experienced a slight decrease of 1.58% in its daily value, it has managed to maintain a daily gain of 0.85%. Looking at the broader picture, Dogecoin has seen a substantial increase of 13.55% over the past month.
In conclusion, while Dogecoin’s milestone of 5 million addresses is a testament to its growing popularity, the concentration of DOGE in a small number of addresses remains a concern. As the crypto market continues to evolve, it will be interesting to see how Dogecoin navigates these challenges in its path to wider adoption.
