The combined amount of Dogecoin (DOGE) held by the top three dormant for three years addresses is worth a total of $2.23 billion, based on the memecoin’s current value.
Whatsmore, dormant addresses of the meme-inspired coin, which began as a joke, now account for 6.02 % of the whole DOGE market capitalization, according to bitinfocharts.com.
On the total, a staggering 8.39 % ($3.29 billion) of all DOGE currently in circulation is held by the top ten dormant addresses.
Dogecoins market price
At the time of publication, Dogecoin is trading at $0.32, which is 13% up in the last 24 hours and 16.06% within the last week; currently, memecoins overall market cap is $41.8 billion, according to CoinMarketCap.com statistics.
As a result of elevated investor interest, the meme-inspired cryptocurrency Dogecoin gained new momentum over the weekend.
On August 16, the coin’s trading quantity had reached $8.04 billion in a single day. Because of this, compared to ADA, the buying and selling quantity is sort of twice as large, whereas ADA recorded a trading volume of $4.94 billion during the same period, as per Finbold information.
Moreover, according to a recently released Robinhood earnings report, Dogecoin accounted for 62 % of all crypto earnings within the second quarter.
Dogecoin rallies in the past have made traders millionaires, and any rally provides the possibility to revenue. For instance, on May 4, 2021, approximately 2,866 Dogecoin wallets had a value of at least $1 million each. As of April 23, there have been 1,321 wallets with at least $1 million worth of DOGE.
Increased interest in DOGE
DOGE has seen a spike in activity following news that English Premier League soccer membership Watford FC will wear the Dogecoin brand on their jerseys. Certainly, their logo can be televised worldwide because the Premier League is the most-watched league globally, bringing more awareness to the DOGE community.
Resulting from community enhancements, Dogecoin is on its solution to changing into a severe cryptocurrency. The truth that DOGE has been listed on major exchanges and financial platforms has also given it an aggressive edge.
