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

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.

Doge has surged more than 4x across 2024, as of November 2024, and as trading volumes on meme cryptocurrencies continue to rise, we take a look at who has the most Dogecoin.

Table of Contents Table of Contents

1. Key Takeaways
2. Top 10 Biggest DOGE Holders
3. Why Should You Care About Who Owns the Most DOGE?
4. Top DOGE Whales: Speculative Interest & Community-Driven Dynamics
5. DOGE Celebrity Accumulation
6. DOGE Utility
7. The Bottom Line
8. FAQs
9. References

Show Full Guide

Table of Contents

1. Key Takeaways
2. Top 10 Biggest DOGE Holders
3. Why Should You Care About Who Owns the Most DOGE?
Show Full Guide
4. Top DOGE Whales: Speculative Interest & Community-Driven Dynamics
5. DOGE Celebrity Accumulation
6. DOGE Utility
7. The Bottom Line
8. FAQs
9. References

Top 10 Biggest DOGE Holders

Who owns the most Dogecoin? Table accurate as of November 13, 2024

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:

“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 November 13, 2024, DOGE has an unlimited maximum token supply as well as a circulating supply surpassing 146 billion tokens, according to data published on CoinMarketCap.

According to CoinCarp, the total amount of DOGE holders stands at 5.4 million individual wallet addresses.

The top 10 holders own over 44% of the token’s circulating supply.

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.

⁦@SnoopDogg⁩ ⁦@elonmusk⁩ ⁦@genesimmons⁩ pic.twitter.com/xjbHqIWz0p

— Gene Simmons (@genesimmons) February 6, 2021

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.

@tipdoge tip @Doge4water 14000000 may we all drink water. let the wealthy fill your cup. #savethemhood

— Hood (@savethemhood) March 16, 2014

“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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