The number of whale addresses on the Dogecoin network ($DOGE) recently increased by 5.13% after six new whales joined the network and collected 620 million DOGE tokens.
According to renowned cryptocurrency analyst Ali Martinez, the number of addresses holding between $100 million and $1 billion DOGE has grown to six addresses and purchased $37.6 million worth of Dogecoin.
#Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M #DOGE. pic.twitter.com/KIw9NnIR3v
— Ali (@ali_charts) September 23, 2022
Dogecoin is currently trading at $0.06 after losing about 64% of its value since the start of the year due to a market downturn. across the board. Besides, part of the reason is due to broader macroeconomic factors and Russia’s invasion of Ukraine.
Dogecoin is significantly backed by Tesla CEO Elon Musk. He confirmed he wants to continue supporting DOGE “whenever possible”, and even Tesla has started selling goods priced in cryptocurrency. Dogecoin was originally released on December 6, 2013, as a “fun and friendly internet currency”. It was created by Billy Markus and Jackson Palmer and is “a peer-to-peer, decentralized digital currency” with the inspiration being the “Doge”, the Shiba Inu (a Japanese dog breed).
Since then, its popularity has increased significantly, especially this year as Musk, Mark Cuban, and other celebrities continue to promote cryptocurrencies on social media as the crypto market continues to heat up.
Earlier this year, Christine Brown, robinhood crypto’s first COO from April 2021 to March 2022, suggested that Dogecoin “is not getting the credit it deserves” for helping to continue cryptocurrency adoption.
Last year, the search for DOGE exploded ahead of a 10,000% rally that helped it reach an all-time high near $0.75. This cryptocurrency has since lost most of its value.