Previously, we have reported a surge in Bitcoin (BTC) millionaires by 215%. This success story is further fueling up the bandwagon of the premier cryptocurrency. However, Dogecoin (DOGE) appears to be on the short end of the stick on this matter as its millionaires have dwindled by 40%.
The Diminishing Numbers
Dogecoin, the notable darling of Elon Musk, has been seeing a drop in its exclusive millionaires club from 2022 to 2023. According to Finbold, the members of the prestigious list decreased from 1,046 last year to 635 at present.
In a related data from BitInfoCharts.com, there are around 548 DOGEcoiners holding $1 million or more. Among them are 87 addresses possessing over $10 million of the cryptocurrency.
Readers are reminded, however, that there may be inaccuracies in these assumptions because one person can have multiple wallets at the same time.
What’s to Blame?
The primary contributor to the waning number of Dogecoin millionaires was DOGE’s tanking value which dived by 50%, or from $0.15 to $0.08 YTD. It should be noted the token has been on a yearly decline since it mooned by $0.74 during the May 2021 bull market.
As of writing this Monday afternoon, DOGE is trading $0.77. Its lack of movement over the weekend mirrors other mainstream cryptos like Bitcoin and Ethereum (ETH). The pricing of the asset was only nudged back by $0.90 in a 24-hour frame wherein the trading volume was also pulled by $17% to $724 million.
Another culprit adding up to the lack of apparent interest in DOGE as of late is the bearish sentiment towards memecoins as former heavy hitters like Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI) have seemingly lost their shine.
But then again, all hope is not lost for this novelty coin. Zooming up the technical charts on a monthly basis would show DOGE glowing green in 20 days while hovering on top of the 200-day MA during the whole “Uptober” bull month.
Final Thoughts: The Elon Musk Factor
As mentioned earlier, DOGE happens to be dear to Musk and has built up quite a huge cult following alongside its sister coin, SHIB, since it got the spotlight. Some analysts, like those from TheStreet, believe that the solid community support of Dogecoin, highlighted by a key figure in the financial sector, could position it on a year-end rally.
The strong social media presence of Musk has never failed to garner attention for both DOGE and SHIB. Not so long ago, this was demonstrated by a simple tweet and temporary replacement of the X emblem with the iconic Shiba Inu dog logo.
These acts normally got the X, Tesla, and SpaceX supremo in hot waters from regulators, but Musk’s larger-than-life and rebellious character makes this bullish scenario probable in the near future. I mean, all it takes is a subtle dig at DOGE to drive his supporters into a frenzy buying spree.