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

KEY TAKEAWAYS

Knowing the top Dogecoin holders is crucial not just for crypto enthusiasts but for the entire market, as these 'whales' hold the power to sway DOGE's value and investor sentiment. This deep dive into who owns the most DOGE reveals insights into market dynamics, potential manipulation risks, and the impact of celebrity endorsements on this popular meme cryptocurrency.

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 at the end of 2023.

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 holders of Dogecoin 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:

“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 who the major holders are 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.

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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 25 December 2023, DOGE has an unlimited maximum token supply as well as a circulating supply surpassing 142 trillion tokens, according to data published on CoinMarketCap.

According to CoinCarp, the total amount of DOGE holders stands at 6 million individual wallet addresses. The top 10 holders own over 45% of the token’s circulating supply. Meanwhile, the top 20 holders own over 50%.

The Top 10 Biggest DOGE Holders

  1. DEgDVFa2DoW1533dxeDVdTxQFhMzs1pMke

Balance – 32.9 trillion DOGE, which amounts to 23.13% of the total circulating supply.

  1. D8ZEVbgf4yPs3MK8dMJJ7PpSyBKsbd66TX

Balance – 8.7 trillion DOGE, which amounts to 6.11% of the total circulating supply.

  1. DE5opaXjFgDhFBqL6tBDxTAQ56zkX6EToX

Balance – 7.5 trillion DOGE, which amounts to 5.32% of the total circulating supply.

  1. DDTtqnuZ5kfRT5qh2c7sNtqrJmV3iXYdGG

Balance – 5.03 trillion DOGE, which amounts to 3.53% of the total circulating supply.

  1. DDuXGMFNGpGjaAqyDunSMvceMBruc1wwKF

Balance – 3.06 trillion DOGE, which amounts to 2.15% of the total circulating supply.

  1. DMuFDCTwxdqzfWrCEE7HiMxBonKVU49Fz4

Balance – 2.1 trillion DOGE, which amounts to 1.5% of the total circulating supply.

  1. DDogepartyxxxxxxxxxxxxxxxxxxw1dfzr

Balance – 1.8 trillion DOGE, which amounts to 1.3% of the total circulating supply.

  1. D7bg2iUG3UiHuTWjRqcjdJiEjHrsFASsjw

Balance – 1.6 trillion DOGE, which amounts to 1.18% of the total circulating supply.

  1. D94wYp1bGAP61Q4ytp8iau4fWEWaNTbCvm

Balance –1.2 trillion DOGE, which amounts to 0.86% of the total circulating supply.

  1. DETAr8TofsDQM6UduNYCjNfknai1HnWcLn

Balance – 1.08 trillion DOGE, which amounts to 0.76% of the total circulating supply.

Data provided by CoinCodex noted that the wallets linked to the top DOGE holders were linked to cryptocurrency exchanges like Robinhood, Binance, and Cryptsy. The website furthermore stated that number 7 on the top 10 DOGE holders list is a Dogeparty burn address.

The number 1 Dogecoin billionaire, according to CoinCodex, is a wallet linked to Robinhood.

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 celebrity associations can also 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

Iliana graduated from City, University of London, with a degree in Journalism in 2021. Since then, she has covered the crypto, finance and technology sectors for a number of publications. This includes Capital.com, where she reports on complex topics related to blockchain technology and cryptocurrencies in general. Iliana is currently pursuing a Master's degree in Communication.