A significant number of retail investors became millionaires last year as a result of the meteoric rise in popularity of the meme-based cryptocurrency Dogecoin (DOGE). In mid-2022, the number of Dogecoin millionaires fell below 1,000 as a result of a downtrend in Dogecoin and a broader decline in the cryptocurrency market.
Dogecoin millionaires stood at 1,046 as of November 1, surpassing 1,000 for the first time since April 2022, according to Finbold data. On November 1, DOGE reached $0.15 for the first time since April.
According to data provided by the cryptocurrency data tracking site BitInfoCharts.com, 887 DOGE holders possess a balance of $1 million or more. A total of 160 addresses have a balance of $10 million or more.
Over 1,000 DOGE millionaires. Source: BitInfoCharts
According to available data, there were 590 millionaires on September 11. In under two months, the number had nearly doubled, representing a 77.55% increase. Elon Musk backtracked and definitively announced that he would purchase Twitter before Dogecoin's price began declining.
Over 70% of Bitcoin millionaires were wiped out over three-quarters of 2022, while DOGE holders saw their wealth grow.
Crypto markets are led by Dogecoin
Various alternative cryptocurrencies, including Dogecoin, have benefited from the recent upswing in the global cryptocurrency market.
Most analysts believe that the recent surge in DOGE's price can be attributed to its potential use case on Twitter as a payment system. Musk's electric vehicle company, Tesla (NASDAQ: TSLA), already accepts Dogecoin as payment.
At one point, the asset experienced weekly gains of over 100% during heightened purchasing pressure. Despite the fact that many crypto enthusiasts consider Cardano (ADA) to have a greater number of application scenarios, DOGE has surpassed Cardano (ADA) in terms of market capitalization.
DOGE price prediction bearish by the crypto community
In spite of this, the crypto community has low confidence in its price forecast for DOGE at the end of November. It is possible that they believe the capacity to maintain the Musk-inspired gains in 2021 is attributable to the speculation seen in meme stocks and cryptocurrencies.
In order to determine whether the recent rally can continue, it is reasonable to presume that the asset's limited number of current use cases is the primary factor holding it back. Furthermore, DOGE does not appear to be a reliable method of storing wealth. This constraint may explain the recent increase in the asset's value.
Dogecoin is currently trading at $0.1395, up 16.18% in the last 24 hours, leading the top 100 cryptocurrencies in market capitalization, up 133.27% in the previous week.