Key points:
- According to the latest data from CoinMarketCap, 48% of Dogecoin’s total supply is held by just 10 holders.
- The top holder of Dogecoin controls 25.27% of the total supply. This is equivalent to 34,762,065,944.39 DOGE. The other top five shareholding ratios were 5.51%, 4.75%, 3.66%, and 2.79%.
- Such a pattern of centralized supply control poses a big threat to DOGE.
- These whales can easily control and manipulate the price of the coin through a pump and dump.
Dogecoin has been dominating the memecoin space for some time now. But in terms of practicability and development, DOGE has always been lacking compared to SHIB. 2022 has been a tough year for Dogecoin.
When Elon Musk took over Twitter, DOGE put on a great show. This was done under the assumption that Dogecoin will be integrated with Twitter. But months after taking over, the dream is still a dream.
According to the latest data from CoinMarketCap, 48% of Dogecoin’s total supply is held by just 10 holders.
Top Dogecoin Holder Control 25.27% of the Supply
The top holder of Dogecoin controls 25.27% of the total supply. This is equivalent to 34,762,065,944.39 DOGE. The other top five shareholding ratios were 5.51%, 4.75%, 3.66%, and 2.79%.
Source - CoinmarketCap
There are currently 4,510,766 total addresses that hold dogecoin. Out of this, the top 10 holders control 48.03%. The top 20 holders control 54.76% and the top 50 holders control 62.95%.
This pattern of centralized supply control poses a big threat to DOGE. These whales can easily control and manipulate the price of the coin through a pump and dump. At any point in time, if the top holder decides to sell off, the community should brace for a dump. This is where decentralized control of the supply becomes a necessity.
At press time, Dogecoin is trading at $0.07214, representing a 2.25% spike in value over the last 24 hours. There was also a 104.62% spike in trading volume over the last 24 hours.