Top 10 Dogecoin Holders: Who Owns the Most DOGE in 2024?

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Dogecoin (DOGE) is perhaps one of the most popular meme coins on the decentralized exchange (DEX) market, endorsed by a number of celebrities and influential personalities, including X owner Elon Musk and American rapper Snoop Dogg.

As trading volumes on meme cryptocurrencies continue to surge, in this article, we take a look at who has the most Dogecoin.

Key Takeaways

  • Investors want to know who the biggest DOGE holders are, helping them understand and weed out potential market manipulation.
  • As of March 2024, there are around 6.9m DOGE holders, and the Top 10 DOGE holders own around 46% of the token’s total circulating supply.
  • Despite its high volatility and unlimited token supply, DOGE’s community-driven dynamics and meme culture continue to attract investors.
  • Is there intrinsic value to DOGE? Or is it simply fun to watch for the moments when Elon Musk and co tweet about it?

Why Should You Care About Who Owns the Most DOGE?

Knowing who the biggest DOGE whales are is particularly important in the context of the digital asset’s tokenomics, including market dynamics, price manipulation concerns, and community perception. It is a key fact when it comes to analyzing whether a meme cryptocurrency is on the verge of success or doom.

Moreover, knowing who the top Dogecoin holders are can also help investors understand a digital asset’s price movement, holding vs trading volumes over time and liquidity, the CEO of Lumen, Michael Chiang, told Techopedia.

Adam Koprucki, the founder of Real World Investor, added:

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“Large holders, or “whales”, can significantly influence DOGE’s market price through their buying and selling. Knowing who they are and how they operate can help [investors] understand potential market movements.”

In addition, transparency about how many people own Dogecoin
can also impact investor confidence; if a few whales hold a large amount of DOGE, it could potentially worry smaller investors about potential market manipulation and cause a massive sell-off, Koprucki further explained.

He explained: “Identifying whales helps identify potential price volatility. Large transactions by “whales” can lead to sharp price swings.”

Unlike many other cryptocurrencies, Dogecoin did not have a formal whitepaper but had managed to gain a prominent “following” due to its friendly and approachable image, as well as its use in various online communities for tipping and charitable donations.

As of March 6, 2024, DOGE has an unlimited maximum token supply as well as a circulating supply surpassing 143 trillion tokens, according to data published on CoinMarketCap.

According to CoinCarp, the total amount of DOGE holders stands at 6.9 million individual wallet addresses. The top 10 holders own over 46% of the token’s circulating supply. Meanwhile, the top 20 holders own over 52%.

The Top 10 Biggest DOGE Holders

  1. DEgDVFa2DoW1533dxeDVdTxQFhMzs1pMke

Balance – 32.2 trillion DOGE, which amounts to 22.44% of the total circulating supply.

This may be a Robinhood exchange wallet.

  1. DE5opaXjFgDhFBqL6tBDxTAQ56zkX6EToX

Balance – 8.53 trillion DOGE, which amounts to 5.95% of the total circulating supply.

This is believed to be a Binance wallet.

  1. D8ZEVbgf4yPs3MK8dMJJ7PpSyBKsbd66TX

Balance – 7.34 trillion DOGE, which amounts to 5.12% of the total circulating supply.

As an unknown wallet, this may well be the richest DOGE individual, with a value in March 2024 of $1.12 billion.

  1. DDTtqnuZ5kfRT5qh2c7sNtqrJmV3iXYdGG

Balance – 5.03 trillion DOGE, which amounts to 3.51% of the total circulating supply.

This is likely a Cryptsy exchange wallet.

  1. ADNbM5fBujCRBW1vqezNeAWmnsLp19ki3n

Balance – 3.94 trillion DOGE, which amounts to 2.75% of the total circulating supply.

Based on the amount of transcations, this is likely an exchange wallet.

  1. DMuFDCTwxdqzfWrCEE7HiMxBonKVU49Fz4

Balance – 2.19 trillion DOGE, which amounts to 1.5% of the total circulating supply.

Possibly an individual whale wallet!

  1. DDuXGMFNGpGjaAqyDunSMvceMBruc1wwKF

Balance – 2.13 trillion DOGE, which amounts to 1.48% of the total circulating supply.

This is likely another Robinhood exchange wallet.

  1. DDogepartyxxxxxxxxxxxxxxxxxxw1dfzr

Balance – 1.85 trillion DOGE, which amounts to 1.3% of the total circulating supply.

This is a Dogeparty burn address — effectively moving DOGE from supply.

  1. D7bg2iUG3UiHuTWjRqcjdJiEjHrsFASsjw

Balance – 1.68 trillion DOGE, which amounts to 1.29% of the total circulating supply.

The wallet is likely a Binance exchange wallet.

  1. DDz1H7AcqPgmKzFEP3pBHW5b1GWuWEoAAP

Balance – 1.49 trillion DOGE, which amounts to 1.03% of the total circulating supply.

Due to the number of transactions, this is likely an exchange wallet.

    Top DOGE Whales: Speculative Interest & Community-Driven Dynamics

    Meme tokens often face speculation. However, that does not mean they are unreliable, Lumen’s Chiang noted.

    “Meme coins tend to be heavily traded for price speculation. But believers in the DOGE community might point [investors] to the DOGE as collateral, new use cases like P2P exchange and payments, or how meme coins can serve as one entry point for newcomers to crypto.”

    In addition, investing in Dogecoin can teach new investors basic concepts like custody decentralized finance (DeFi) and help make them more comfortable with the blockchain world.

    Moreover, the meme culture could foster a robust and community-driven investor base, possibly leading to wider ownership among individual enthusiasts, Real World Investor’s Adam Koprucki added.

    DOGE Celebrity Accumulation

    Dogecoin has been heavily endorsed by a number of celebrities, which may have served as one of the main factors in the token’s popularity.

    Elon Musk, Mark Cuban, and Snoop Dogg have all previously either endorsed or expressed that they had invested in the cryptocurrency.

    “Celebrity involvement often increases visibility, potentially attracting new investors and increasing demand,” Koprucki noted, adding that celebrities who own dogecoin lend perceived legitimacy to cryptocurrencies, as seen with DOGE, affecting their ownership by attracting a broader base of investors.

    Moreover, due to DOGE’s nature of being a meme token, social media endorsement also leads to a positive aftermath, with tweets oftentimes from Elon Musk or Gene Simmons boosting the tokens’ performance and attracting even more investors into the industry.

    DOGE Utility

    According to a blog posted on the Dogecoin website:

    “Dogecoin is money! [and] one of the few cryptocurrencies that have been used for this main purpose from day one.”

    Since its creation in 2013, the token has also managed to become a means of payment to tip creators as well as raise awareness, like raising $25,000 in DOGE for the Jamaican bobsled team to attend the 2014 Winter Olympics in Sochi or raising $11,000 in DOGE to DOGE4Water, a charity set up in Kenya to help people get clean, drinking water.

    “Acceptance as a payment method can lead to broader adoption and a more diverse investor base,” Real World Investor’s Koprucki said.

    “As a payment method, there is an incentive for stability, which might encourage long-term holding rather than speculative trading. [DOGE’s] use in transactions enhances the perception of DOGE as a particular, utility-driven cryptocurrency, potentially attracting a different type of investor focused on utility rather than speculation.”

    The Bottom Line

    High concentration in a few hands can lead to increased price volatility, as decisions by a few can have significant market impacts, especially when cryptocurrency ethos values decentralization, Koprucki noted.

    However, Dogecoin’s unlimited supply makes things a little easier here.

    Overall, understanding who the top DOGE holders are can help investors assess market dynamics, weed out any potential price manipulation, and raise overall community perception. Top DOGE holders wield significant influence, which is why transparency about their identities is essential for higher investor confidence.

    It’s essential to conduct in-depth research and invest solely within your financial comfort zone, acknowledging the possibility of total loss. This investment is high-risk, and you should be prepared for the absence of safeguards in adverse scenarios. Take 2 mins to learn more.

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    Iliana Mavrou
    Crypto journalist
    Iliana Mavrou
    Crypto journalist

    Iliana is an experienced crypto/tech journalist reporting on blockchain, regulation, DeFi, and Web3 industries. Before joining Techopedia, she contributed to a number of online publications, including Capital.com, Cryptonews, and Business2Community, among others. In addition to working in journalism, she also has experience in tech and crypto PR.  Iliana graduated from the City University of London with a degree in Journalism in 2021. She is currently pursuing a Master's degree in Communication.