The Shiba Inu-themed cryptocurrency, Dogecoin, was just a joke when it started back in 2013. However, over the years, the joke has turned into something more serious. Even though Dogecoin is still way behind the likes of Bitcoin and Ethereum, it’s steadily garnered a following and in recent years, it’s been one of the world’s most traded cryptos. However, 82 percent of the Dogecoin supply, which amounts to a mammoth amount of DOGE 106 billion, is held by only 535 entities on-chain. Each of these entities holds more than DOGE 10 million.
Dogecoin investments skyrocketed across the last six months or so after Elon Musk hyped up the crypto. The investors who invested in the crypto over these six months are now holders of 25 percent of the entire Dogecoin supply. The value of Dogecoin soared since it was talked up by the Tesla CEO. The last time investors acquired DOGE tokens like this was back in 2017.
In all, there are 4 million on-chain Dogecoin holders. However, the majority of the supply is held by some of the wealthiest entities. These 535 businesses consist of some wealthy investors along with businesses. A large part of the supply is also held by crypto exchanges that store the crypto for traders. Out of these 535 entities, there are 31 investors who own DOGE 37 million. These investors have been holding crypto for six months to two years.
Each of the other investors who don’t fall under the bracket of the 535 wealthiest entities holds less than DOGE 100. Half of these investors and entities have held Dogecoin for over two years.