More than 8% of Dogecoin (DOGE) in the current edition rests in the top ten dormant addresses, BitInfoCharts’ data shows.
The blockchain data provider’s graph also shows that the three largest dormant addresses currently account for over 6% of the token’s total market capitalization.
Dormant Dogecoin addresses
The top three dormant addresses have accumulated over 7.8 billion Dogecoin together, which is worth about 2.5 billion US dollars at the current price of the meme token.
The heaviest dormant address alone with Dogecoin valued at 1.6 billion US dollars makes up 3.8% of the token’s market capitalization.
The address saw its first and last outflow transaction in January 2014 when it sent 999.999 Dogecoin worth about $ 153,831 when the young token traded at $ 0.0009.
The other two addresses have not seen any drainage promotions since they started their Dogecoin accumulation.
The second heaviest dormant address opened in August 2014 and currently has $ 601 million worth of Dogecoin, while the third is from June 2016 at a more modest $ 324 million.
In total, more than 8% of all Dogecoins in circulation are held by the ten largest dormant addresses, which together make up a hearty share of $ 3.29 billion of the token’s current market capitalization of $ 42.3 billion.
Aggressive new investors
Meanwhile, new investors, driven by the token’s growth popularity ring in strong.
Dogecoin newbies who bought the token in the past six months now hold a quarter of the total supply, “while investors who have held for more than two years have reduced their share of the offer from 30% in July 2020 to 20% today “revealed the blockchain data platform Chainalysis in a recently published report.
According to Dogecoin’s exclusive on-chain analysis, the meme token is “currently being adopted by new investors at a level not seen since the bull market in late 2017, with new investors increasing their share of the offer from 9% in July 2020 increase 25% in August 2021. ”
Despite growing interest among new investors, “with 106 billion doges, 82% of the offering held by 535 companies,” Dogecoin ownership remains concentrated.
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