On-chain data shows the total number of Dogecoin millionaires has observed a steep increase over the past month, a sign of strong accumulation.
Dogecoin Millionaires Have Jumped 76% In Past Month
According to data from the market intelligence platform IntoTheBlock, the number of Dogecoin millionaires has been skyrocketing recently. “DOGE millionaires” here refer to the addresses that are carrying at least $1 million in their balance.
The below chart shows how the total number of such addresses has changed over the past month.
The data for the two millionaire groups of the memecoin | Source: IntoTheBlock on X
From the graph, it’s visible that the Dogecoin investors carrying between $1 million to $10 million worth of coins have seen their total count rapidly go up since the end of February.
This range would include the sharks as well as the smaller of the whales, so this trend would imply interest in the cryptocurrency has sharply risen among these large entities. Following the latest increase, the total count of addresses holding a balance in this range has crossed the 800 mark.
The largest of the investors in the market, those with more than $10 million in DOGE, have also seen their number grow in the same period, as the chart displays.
The population of these humongous whales has now crossed the 200 mark. This means that in all, there are now more than 1,000 millionaires on the Dogecoin network.
This corresponds to a growth of around 76% in the past 30 days, which is a pretty rapid increase. Since the indicator has caught pace, DOGE has also witnessed an impressive rally, which may not be a coincidence.
Naturally, if the number of these millionaires continues to rise into the near future, it would be a sign that big money interest in the memecoin is still furthering, which would be a positive sign for the rally.
DOGE Price Has Enjoyed A Sharp Rally Recently
Towards the end of last month, Dogecoin finally managed to break free of its long spell of consolidation and did so in quite the spectacular fashion as well. As the chart below shows, DOGE has observed a rapid rise in the past couple of weeks.
Looks like the price of the memecoin has witnessed some sharp bullish momentum recently | Source: BTCUSD on TradingView
During this rally so far, Dogecoin has managed to reach a high beyond the $0.20 level. Since this peak, however, the coin has seen some notable drawdown, as it’s now trading around $0.15.
From the chart, it’s visible that the initial sharp crash in the memecoin had occurred at the same time as Bitcoin had plummeted following a breach of its previous all-time high price.
Unlike BTC, though, which has made some significant recovery already, DOGE is yet to close back in on its recent highs. Despite this significant pullback, though, the coin’s investors would still be carrying profits of more than 95% over the past month, showcasing just how strong its recent bullish momentum has been.
In terms of the market cap, Dogecoin is currently the nineth-largest asset in the sector, some distance behind eighth-placed Cardano (ADA).
DOGE's market cap appears to be almost $22 billion at the moment | Source: CoinMarketCap
While Dogecoin still has a comfortable gap to Shiba Inu (SHIB) in tenth, its rival is fast approaching it with a run of a whopping 131% in the past week.
Featured image from Kanchanara on Unsplash.com, CoinMarketCap.com, IntoTheBlock.com, chart from TradingView.com
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