Dogecoin nears 500,000 holders while DOGE price remains stagnant
- Dogecoin hit a key milestone reaching 486,439 holders; the top 1000 Binance coin whales account for $46.4 million in DOGE.
- Dogecoin is the fourth most used smart contract on the Ethereum blockchain, implying high on-chain activity.
- Analysts note that Dogecoin remains stagnant and volatility remains low, similar to the Ripple price trend.
- Co-founder Billy Markus urges the community to shift focus from price to creating value in Dogecoin.
The Shiba-Inu-themed memecoin, Dogecoin, has hit another milestone, reaching nearly half a million holders. Large wallet investors on Binance Smart Chain hold over 325 million Dogecoin tokens, implying that DOGE is a popular choice among whales.
Dogecoin price struggles to recover despite accumulation by whales
Dogecoin has hit a key milestone with a rapid spike in the number of token holders. Cryptocurrency intelligence platform Whale Stats recently shared that Dogecoin has reached 486,439 holders.
The top 1000 large wallet addresses on Binance Smart Chain hold a total of 323 million DOGE tokens. Binance coin Whale wallets account for $46.4 million in Dogecoin. According to data from WhaleStats, Dogecoin ranks fourth in most used smart contracts on the Ethereum blockchain.
Ethereum co-founder Vitalik Buterin recently revealed that he plans to support Dogecoin’s transition to Proof-of-stake(PoS). Dogecoin plans to launch a new PoS wallet, and Buterin is working on community staking to make the transition possible for the Shiba-Inu-themed cryptocurrency.
Dogecoin price has failed to recover from the recent bloodbath, despite news of transition to PoS and the new milestone hitting half a million holders. Analysts at FXStreet have evaluated the Dogecoin price trend and noted that the meme coin has remained stagnant while bulls attempt a takeover.
A co-founder of Dogecoin, Billy Markus recently urged investors to shift focus from the hype around the meme coin and its price to creating value in the Shiba-Inu-themed cryptocurrency project.
okay #dogecoin community, real talk. you have now seen that hype is unsustainable, across the board, for all crypto projects and all projects in general.
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022
instead of focusing on hype and price, focus on helping build and improve something that can last. pic.twitter.com/i5izbNdkAZ
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
