Dogecoin has 5 million addresses – still concerned about concentration of ownership | CoinDesk JAPAN

Two years after the coronavirus outbreak, the joke cryptocurrency Dogecoin (DOGE) remains popular. Initially, it was thought that people were trying to overcome lockdown boredom by betting millions of dollars on non-serious crypto assets.

The number of crypto addresses holding DOGE has surpassed 5 million for the first time, according to data tracked by on-chain analytics firm IntoTheBlock.

Meanwhile, the number of active addresses on the network more than doubled to 168,000, the highest since March 2022, and the number of confirmed transactions on the Dogecoin blockchain also increased by 1000% in the past 10 days. , the highest number since June.

The number of addresses exceeded 5 million. (IntoTheBlock)

While these numbers are impressive, DOGE’s ownership concentration remains an issue. According to BitInfoCharts, fewer than 5,000 addresses control more than 80% of DOGE’s supply, meaning a relatively small number of traders control the price of the cryptocurrency.

DOGE’s market capitalization rose 14% this month to nearly $11 billion (approximately 1.65 trillion yen, at an exchange rate of 150 yen to the dollar). Increasing adoption and use of crypto assets often increases their market value.

Dogecoin rose to fame in early 2021 after Elon Musk tweeted a meme based on the coin, prompting the creation of other dog-themed tokens like Shiba Inu Coin (SHIB). did. Joke crypto assets in general soared during this period as coronavirus lockdowns, economic stimulus measures by governments, and unprecedented monetary easing by central banks spurred risk-taking across financial markets.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: IntoTheBlock
｜Original text: Dogecoin Now Held at 5M Crypto Addresses, Thought Concentration Remains a Concern