Dogecoin has been a hot cryptoasset for a while now, which probably explains the latest data showing that 146 DOGE wallet addresses hold more than $10 million worth of DOGE.
In the Business2Community data analysis presented in our infographic below, the Dogecoin rich list top 10 reveals that the No.1 wallet holds $4.2 billion worth of DOGE.
Many in the Dogecoin community think that wallet may belong to Tesla boss Elon Musk, or he is the owner of one of the other top 10 wallets.
The top ‘whale’ wallet accounts for nearly 22% of the total circulating supply of DOGE.
In addition to the two largest wallets that together hold 29% of the supply, there are 884 addresses with DOGE worth over $1 million—meaning there are many DOGE millionaires. This number is likely to grow if Elon Musk’s plan to buy Twitter is successful and Dogecoin becomes the preferred crypto on the platform.
All of this information and much more besides can be gleaned from our data analysis presented in the infographic below.
Dogecoin is the original meme coin and has seen explosive growth over the past 12 months.
Although it is currently trading some 81% below its all-time high (ATH) price of $0.74, the prospect of Dogecoin buyers bidding up its price to much higher levels is very real, given the support it receives from the richest man in the world.
In the wake of the acceptance by the Twitter board of a buyout offer by the Tesla founder and CEO Elon Musk, the value of DOGE is expected to rise substantially.
Musk is a big fan of the playful token which was invented purely as a joke and is now valued at $18 billion in market capitalisation terms.
How Elon Musk tweets pump Dogecoin price
As our infographic above shows, Musk has been a prolific tweeter on the subject of all things Dogecoin. His tweets have had a powerful impact on the direction of travel in the price of the coin.
It was Musk’s tweets in February and March last year that are credited with helping to propel Dogecoin on its march to its ATH.
Now with Musk on the cusp of succeeding in buying the Twitter microblogging platform, expectations are high that there will likely be a role for Dogecoin on the new-look platform popular with movers and shakers in the worlds of celebrities, media and politicians.
How DOGE and Twitter could become joined at the hip
The cryptocurrency could become a tipping coin for popular figures on the platform to generate revenue. Musk may even offer it up as a form of payment for advertisers and other merchants interacting with the platform.
Then there’s the possibilities around NFTs, which Twitter has already onboarded for blue-tick users.
Musk is on record as saying he wants to be a part of helping to spur development on Dogecoin. Perhaps he will push it in a similar direction to Shiba Inu, a rival meme coin which has plans to launch an NFT marketplace?
In short then, DOGE could end up being the crypto of choice for Twitter and its 300 million-plus users.
Dogecoin price predictions vary, but the possibility of the coin breaking through the $1 dollar level has its fans salivating.
Dogecoin – a potted history
The brand power of Dogecoin is astounding. The crypto’s mascot is the internet-meme dog breed Shiba Inu, which has become the token’s mascot.
The idea that inspired the token emerged after an announcement on Twitter (of course) on November 27, 2013 by an Adobe marketing product manager called Jackson Palmer.
A number of his friends then suggested he create a joke coin, which he went ahead and did, with the help of co-founder Billy Markus after he’d seen the website that Palmer had created to market the crypto joke.
Although something of a joke, there was also a serious idea of using it to make crypto more understandable and welcoming for newbies. In June 2014 Palmer left the project – at the time he tweeted, “Unsubshibing. Peace.”
Today has survived and thrived since then and is currently the 11th most valuable cryptocurrency, according to coinmarketcap.