Only 10 Addresses Control 48% of Dogecoin in Circulation

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Dogecoin, a cryptocurrency that started as a joke and has grown to become the most popular meme coin, is not as decentralized as it is most times portrayed according to data from CoinMarketCap.

According to this data, the top 10 Dogecoin addresses control almost half of the meme coin’s supply. These addresses hold 48.02% of the total coin in circulation with the largest holder controlling  25.28% of the supply. These statistics certainly don’t make a good case for the supposed decentralization nature of the network.

To further put it in perspective, the Dogecoin network has a total of 4,508,886 addresses and a total supply of 132,670,764,300 units according to on-chain data. The top 20 and 50 addresses currently control 54.76% and 62.96% of its total supply in circulation.

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Therefore, that a few addresses control such a large volume of its total supply negates the concept of decentralization which aims to distribute the network’s token evenly across several wallet addresses.

For instance, Bitcoin (BTC), the leading cryptocurrency, has a total supply of 19,247,075 of which only 5.38% of that amount is controlled by its top 10 wallet addresses. Additionally, the top 100 wallet addresses only control 13.51% of its total supply.

The danger that this therefore poses is that these biggest holders can significantly impact the price of the meme coin.

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Dogecoin’s Kabosu is ill

Meanwhile, as earlier reported, the Shiba Inu dog which inspired the Dogecoin and serves as the signature image of the meme coin is in a dangerous position in terms of health as per an Instagram post by the owner. 

The post received supportive comments from supporters all over the world, one well-wisher offered to cover all expenses needed to make sure she gets the best treatment.

Billy Markus, the co-creator of Dogecoin, also urged his two million followers to give “[love] and [prayers] and good vibes” to Satō and Kabosu.

Doge’s popularity soared after Twitter owner Elon Musk actively declared his support for the meme coin over other digital currencies. Elon Musk also known as “Dogefather” also proposed Dogecoin as a payment method for the social media platform long before he acquired the platform.

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