Over 350 DOGE millionaires vanish as meme coin struggles

Dogecoin (DOGE) is one of the cryptocurrencies that made a number of investors billionaires in 2021 due to its rising value and popularity. Notably, the asset’s performance in 2022 has not replicated the gains obtained in 2021, hence reducing the number of millionaire investors.

Specifically, data obtained by Finbold indicates that there were 685 Dogecoin millionaires as on December 12. According to a breakdown of the millionaires, 605 addresses have at least $1 million in Dogecoin, while 80 addresses hold at least $10 million in DOGE.

In reality, the number of billionaire holders has decreased in recent months as the token’s price has declined to owe to causes such as the failure of the FTX cryptocurrency market. Finbold reported on November 1 that there were 1,046 Dogecoin millionaires, marking a fall of 361 addresses or 34% in less than six weeks.

In the meanwhile, the price of Dogecoin remains in the red zone. DOGE was priced at $0.09 at the time of publication, a loss of nearly 9% over the previous twenty-four hours. On the weekly chart, the price of Dogecoin has fallen by over 15%.

In addition, Finbold reported on December 12 that Dogecoin lost about $1 billion in market value within twenty-four hours, showing that selling pressure is increasing.

In the meanwhile, the DOGE technical analysis (TA) continues negative, with a summary leaning toward the ‘sell’ mood at 13, and one-day moving averages (MA) indicating ‘sell’ at 10.

The current increase of Dogecoin millionaires is a result of headlines surrounding Tesla (NASDAQ: TSLA) CEO Elon Musk’s purchase of Twitter. The transaction sparked rumours that Dogecoin may become a payment option on the social networking site.

Moreover, the Dogecoin community remains optimistic about the asset’s future possibilities. As reported by Finbold, the Dogecoin community on CoinMarketCap anticipated that the cryptocurrency will trade at $0.098 on December 31 using the price estimate function.

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