Tens of billions of tokens of the meme-inspired cryptocurrency Dogecoin ($DOGE) are now being held by long-term investors, as entities that have been HODLing onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $3.7 billion.
According to data from crypto analytics firm IntoTheBlock, first reported on by Daily Hodl, this is the highest amount of DOGE’s supply held by long-term investors since October 2021, when the cryptocurrency was trading at around $0.30. The firm’s data also shows that the population of long-term DOGE investors has been steadily rising since the start of the year.
The number of DOGE hodlers now stands at a new all-time high of 3.18 million addresses, with the investor cohort representing 74.66% of all Dogecoin wallets. The firm’s data further shows that at the time of writing, 56% of DOGE hodlers are in a state of profit, while 41% are sitting on unrealized losses.
Meanwhile, 3% of DOGE holders are breaking even at current prices, with 65% of the cryptocurrency’s circulating supply being concentrated in the wallets of large holders. As CryptoGlobe reported, DOGE whales have amassed 1.47 billion DOGE since the beginning of the year.
Popular meme-based cryptocurrency Dogecoin ($DOGE) was initially released on December 6, 2013 as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge,” a Shiba Inu (a Japanese breed of dog).
Since then, its popularity has substantially increased, especially in the past couple of years, primarily thanks to support from celebrities including Elon Musk and Mark Cuban. DOGE is now one of the largest digital assets by market capitalization, towering over other meme-inspired cryptos.
According to a recent tweet from a Dogecoin core developer, the cryptocurrency is set for a significant upgrade that will introduce new features and improvements, and is designed to make the popular blockchain more user-friendly and accessible to non-developers.
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