Only 0.01 percent of Dogecoin holders own the majority of the supply.

Chainalysis recently added Dogecoin to its cryptocurrency reports. The data platform gathered information such as on-chain data from the meme currency as a result of this. The research revealed the holding tendencies of Dogecoin investors shortly after its debut. In addition, transaction data for individual wallets is available. The coin, which had seen a lot of development thanks to TikTok and entrepreneur Elon Musk, revealed some significant differences in ownership.

Only 25% of new investors have a stake.

According to the data in the report, new investors have been growing their stakes over time. New investors only controlled 9% of the total supply as of July 2020. Following the coin's success, this number had climbed to 25% in 2021. According to data, new investors were boosting their Doge holdings. During the rally, old investors reduced their shares.

In this situation, old investors were defined as those who had held on to their Doge for more than two years. In July 2020, these investors accounted for 30% of the total supply. That percentage has now reduced to 20%. This is to be expected from an asset that has been in a bad market for a long period. When the price of an item rises significantly, investors attempt to profit.

In 2021, Dogecoin also saw a significant increase in the number of daily active users. This amount has risen in tandem with the value of the Doge. Peaking at an all-time high then plummeting as the coin's value plummeted. On-chain data indicates that the meme coin has 32,000 daily active users on average.

Majority of the population is made up of minorities. Supply of Dogecoins

Currently, there are 4 million Dogecoin owners. Surprisingly, the vast bulk of this group owns the tiniest portion of the Doge supply. According to the report, 2.1 percent of all Doge holders have fewer than 100 Doge in their wallets. The vast bulk of coins are controlled by huge corporations.

To put this in context, Dogecoin has a current supply of 130 billion coins. According to Chainalysis, 0.01 percent of holders control 82 percent of the overall supply. Only 535 entities now possess the majority of Doge's supply. This amounts to a total of 106 billion coins held by these organisations.

Only 31 investors hold 37 billion of the 106 billion coins. The average investor's holdings are over 1 billion coins. These owners have kept their coins for at least six to two years.

It's impossible to say who these beings are. They might be anything from corporations to major crypto exchanges. “Either the vast majority of Doge is locked in exchanges and traded by retail, or it is concentrated in the hands of a tiny number of now-wealthy individuals,” the research says.


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