The Resilience of Dogecoin Millionaires Against Inflation

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The number of millionaire-level wallet addresses holding Dogecoin has remained steady at around 716 on and off the chain in December. Skip ahead to December 20, this year and the number has only increased slightly to 718 (up less than a tenth from last De-cember). This is impressive considering how many people weathered that tumultuous period. In addition, 611 wallet addresses currently hold more than a million dollars in Dogecoin. One interesting wrinkle in this scenario is revealed by BitInfoCharts.com statistics, which show 107 wallet addresses with balances exceeding 10 million dollars–an increase of seventy-nine over last year’s number. In addition, about 100 wallet addresses grew into the one-million dollar club after Dogecoin’s price surge earlier this month.

The steady number of wallet addresses with holdings over US $ 1 million also confounds the inflationary tendency in DOGE, which constantly undermines its figure for wealth.

But it’s important to bear in mind the risk of misleading statistics, one aspect that is typical for virtual currencies-individual investors can freely manage multiple wallet addresses.

DOGE Price Analysis

At the time of writing, one Dogecoin is worth US $ 0.09 (down 2.34 % in a day). The extension of this continues into the past week, with an 11.59 % drop and a 2.03 % loss over the month offsetting previous increases.

But none of this can change the fact that Dogecoin is still running above its 200-day simple moving average, a good indicator of long term direction.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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