The rise in popularity of the meme-based altcoin Dogecoin (DOGE) last year has turned many individual investors into millionaires. However, the number of millionaires has declined considerably with the recent depreciation. Here is the data…
The number of DOGE millionaires has dropped sharply
The number of Dogecoin (DOGE) millionaires has decreased significantly since the beginning of 2022. Looking at the archives, there were 1,341 DOGE millionaires on January 1, while there were 646 Dogecoin millionaires on May 27. Notably, the drop in less than six months was a 43.03 percent drop, according to statistics from cryptocurrency data tracking platform BitInfoCharts.
to point out that the initial resurgence of the meme-based cryptocurrency caused the number of millionaire investors in the asset to double in the two weeks between April 23 and May 4, 2021. is important. Millionaires owned 2,866 Dogecoin wallets worth at least $1 million each. At the time of writing, DOGE is changing hands at $0.081, up 5.3 percent. The cryptocurrency hit a record of $0.73 on May 8, 2021.
Altcoin prices affected by the drop in Bitcoin
Recently, the global crypto market has faced a lot of downward pressure, and Dogecoin, like many other altcoins, has been affected by Bitcoin’s decline. greatly affected by the decline. The situation has also caught the attention of Dogecoin co-founder Billy Markus, who accuses most crypto investors of lacking fundamental knowledge of the overall market. Notably, as we reported on Kriptokoin.com , in a series of tweets earlier this month, Markus claimed that 70 percent of people in crypto have “absolutely no idea” and don’t understand market fundamentals.
Despite the reasons that led to the development of Dogecoin, the cryptocurrency was a huge success and attracted the attention of millions of investors and even prominent figures like Elon Musk. The latest data shows that the popularity of cryptocurrencies has not waned, despite the slowdown in growth. According to a report, data provided by Google Trends shows that searches for Dogecoin are the most popular searches in the United States.
