- Dogecoin hit a key milestone reaching 486,439 holders; the top 1000 Binance coin whales account for $46.4 million in DOGE.
- Dogecoin is the fourth most used smart contract on the Ethereum blockchain, implying high on-chain activity.
- Analysts note that Dogecoin remains stagnant and volatility remains low, similar to the Ripple price trend.
- Co-founder Billy Markus urges the community to shift focus from price to creating value in Dogecoin.
The Shiba-Inu-themed memecoin, Dogecoin, has hit another milestone, reaching nearly half a million holders. Large wallet investors on Binance Smart Chain hold over 325 million Dogecoin tokens, implying that DOGE is a popular choice among whales.
Dogecoin price struggles to recover despite accumulation by whales
Dogecoin has hit a key milestone with a rapid spike in the number of token holders. Cryptocurrency intelligence platform Whale Stats recently shared that Dogecoin has reached 486,439 holders.
The top 1000 large wallet addresses on Binance Smart Chain hold a total of 323 million DOGE tokens. Binance coin Whale wallets account for $46.4 million in Dogecoin. According to data from WhaleStats, Dogecoin ranks fourth in most used smart contracts on the Ethereum blockchain.
Ethereum co-founder Vitalik Buterin recently revealed that he plans to support Dogecoin’s transition to Proof-of-stake(PoS). Dogecoin plans to launch a new PoS wallet, and Buterin is working on community staking to make the transition possible for the Shiba-Inu-themed cryptocurrency.
Dogecoin price has failed to recover from the recent bloodbath, despite news of transition to PoS and the new milestone hitting half a million holders. Analysts at FXStreet have evaluated the Dogecoin price trend and noted that the meme coin has remained stagnant while bulls attempt a takeover.
A co-founder of Dogecoin, Billy Markus recently urged investors to shift focus from the hype around the meme coin and its price to creating value in the Shiba-Inu-themed cryptocurrency project.
okay #dogecoin community, real talk. you have now seen that hype is unsustainable, across the board, for all crypto projects and all projects in general.
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022
instead of focusing on hype and price, focus on helping build and improve something that can last. pic.twitter.com/i5izbNdkAZ
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.