The sudden rise in popularity of the meme-based cryptocurrency Dogecoin (DOGE) last year made a large number of retail investors millionaires. However, due to a Dogecoin downturn and a larger crypto market collapse, the figure went below 1,000 in mid-2022.
According to statistics, the number of Dogecoin millionaires was at 1,046 as of November 1, surpassing 1,000 for the first time since April 2022. Notably, on November 1, the price of DOGE touched $0.15 for the first time since April.
According to the cryptocurrency data tracking site BitInfoCharts.com, 887 DOGE investors have a balance of $1 million or more. Furthermore, 160 addresses have a total balance of $10 million or greater.
Using a tool that records web material, Finbold discovered that there were 590 millionaires on September 11, 2001. This means that the number has nearly doubled in less than two months, marking a 77.55% rise. It’s worth noting that Dogecoin and its price were on the decline until Elon Musk reversed course and said firmly that he would buy Twitter (NYSE: TWTR).
While DOGE investors watched their wealth soar, evidence predicts that more than 70% of Bitcoin millionaires will be gone in three quarters by 2022.
Dogecoin is leading the increases in the cryptocurrency market
A recent surge in the global cryptocurrency market has resulted in an increase in different alternative cryptocurrencies, including Dogecoin, which has profited from this trend.
The majority of analysts feel that the recent increase in the price of DOGE may be attributed to the token’s prospective use case as a payment mechanism on Twitter. Tesla (NASDAQ: TSLA), Musk’s electric vehicle startup, already accepts Dogecoin for payment.
During a period of increased purchasing pressure, the asset achieved weekly increases of more than 100% at one time. This allowed DOGE to surpass Cardano (ADA) in terms of market value, despite the fact that many crypto aficionados believe the latter has greater use cases.
The cryptocurrency community is pessimistic about the DOGE price projection.
Despite this, the crypto community is not optimistic about the price of DOGE by the end of November. Perhaps they feel that the ability to sustain Musk-inspired gains in 2021 can be attributed to the speculation observed in meme stocks and cryptocurrencies.
When determining whether or not the recent surge can be sustained, it is logical to assume that the asset’s limited number of present use cases is the fundamental constraint.
Furthermore, there are concerns about DOGE as a dependable means of asset storage. Due to these limits, the recent increase in the asset’s value might be attributed to pure speculation.
Dogecoin is now trading at $0.1395, up 16.18% in the past 24 hours, dominating the top 100 cryptocurrencies in terms of market gains, up 133.27% in the previous week, with a total market cap of $18.4 billion.
Disclaimer: The information on this website should not be construed as investment advice. Investing is a gamble. Your capital is at danger when you invest.
Expert in: Google Ads, SEM Expert, PPC Specialist, Paid Social, Facebook, Web Design and DeFi. I work exclusively with successful businesses that are looking to take things to the next level or ambitious startups who give themselves the means to do so. I have experience in many verticals: SaaS, finance, cryptocurrency, retail, real estate, law, IT, medical, pharmaceutical, travel and many more.