Last year the meteoric surge in popularity of the meme-based cryptocurrency Dogecoin (DOGE) turned a significant number of retail investors into millionaires. However, the number fell below 1,000 in mid-2022, owing to a Dogecoin downtrend and a broader crypto market collapse.
According to data obtained by Finbold, the number of Dogecoin millionaires stood at 1,046 as of November 1, returning above the 1,000 mark for the first time since April 2022. Notably, the price of DOGE also reached $0.15 for the first time since April on November 1.
887 DOGE holders have a balance of $1 million or more, based on the numbers that were supplied by the cryptocurrency data tracking site BitInfoCharts.com. Additionally, 160 addresses have a total balance of $10 million or more.
The number of millionaires on September 11 was 590, by using a program that archives online content. This indicates that the number has nearly doubled in under two months, representing an increase of 77.55%. It’s interesting to note that Dogecoin and its price were in the midst of a downward trend until Elon Musk backtracked and definitively announced that he would purchase Twitter (NYSE: TWTR).
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