Dogecoin (DOGE) memecoin has reached a significant milestone, surpassing 5 million addresses, according to on-chain analytics firm IntoTheBlock.
This achievement is accompanied by notable increases in completed transactions and active addresses on the DOGE network.
Over the last 10 days, the number of completed transactions has experienced an extraordinary 1,000% surge, reaching an all-time high.
Concurrently, the quantity of active addresses on the network has nearly doubled, totaling 168,000—a peak not witnessed since March 2022.
While these metrics showcase the growing prominence of DOGE, a persistent concern revolves around the issue of concentrated ownership.
With fewer than 5,000 addresses controlling more than 80% of DOGE’s total supply, there is an indication that the cryptocurrency’s price is influenced by a relatively small group of traders.
Despite this concentration, there remains a prevailing sense of optimism among DOGE investors. A noteworthy statistic from IntoTheBlock on November 25th reveals that over 50% of Dogecoin investors are currently in a profitable position.
This optimism may suggest that investors have confidence in Dogecoin’s ability to retain its value, and it could potentially indicate that some holders are contemplating selling their DOGE holdings to capitalize on their profits.
Notably, 57% of all DOGE wallet addresses are currently in a profitable position, indicating that a majority of buyers acquired DOGE at prices lower than the current market value of $0.07777 per coin, according to data from CoinMarketCap.
Adding to the intrigue, a substantial number of “whale” investors have displayed significant interest in Dogecoin, with 121 new wallets emerging, each holding at least 1 million DOGE.
Additionally, previously inactive high-value wallets are once again displaying movement, suggesting renewed activity and interest in the Dogecoin ecosystem.
