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Dogecoin (DOGE) surges 163% in seven days! Research shows: the top 50 holders own nearly 64% of the tokens

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Dogecoin (DOGE) surges 163% in seven days! Research shows: the top 50 holders own nearly 64% of the tokens

Dogecoin (DOGE) just can't stop surging! It has surged over 20% in the past 24 hours and 163% in the last seven days. Research by on-chain data company @lookonchain revealed that whales already hold 64% of the tokens in the market.

Dogecoin Token Circulation Status

A study found that the top 50 holders of Dogecoin hold 87.1 billion DOGE, worth approximately $12.6 billion, accounting for 63.71% of the token circulation.

DOGE Whales' Activities:

  • Compared to a month ago, they have reduced holdings by 21 million DOGE, worth about $3 million.
  • Compared to a week ago, they have reduced holdings by 761 million DOGE, worth about $110 million.
  • Compared to yesterday 10/31, they have increased holdings by 484 million DOGE, worth about $70 million.

Among the top 50 holders, 12 have increased holdings in the past week, while 7 have reduced holdings. 15 holders have not traded DOGE in the past six months, 18 are early holders before 2020, and 13 are new addresses that started accumulating DOGE in the first half of this year.

In the past seven days, 1.2 billion DOGE, approximately $177 million, flowed to Binance, and 4550 DOGE, approximately $67 million, moved to Crypto.com.

Is Musk the Largest Holder?

@lookonchain also speculates that the largest holder may be Tesla founder Elon Musk.