Dogecoin (DOGE) Sees Surge in Activity with Over 80% Supply Controlled by Few Traders

The meme cryptocurrency Dogecoin (DOGE) continues its upward trajectory, witnessing a surge in activity. However, the control of over 80% of the coin’s supply remains concentrated among a relatively small number of traders.

According to IntoTheBlock, the number of cryptocurrency addresses holding DOGE has surpassed 5 million for the first time. The count of active addresses on the Dogecoin network has doubled, reaching 168,000, marking a new peak since March 2022.

Blockchair data indicates that the volume of confirmed transactions has reached its highest point since June, hitting 2.1 million. Over the past 10 days, the transaction count has skyrocketed from 105,000 to 1.7 million, showcasing a remarkable 1000% cumulative increase.

Despite the surge in activity, the concentration of DOGE tokens remains a concern. BitInfoCharts reveals that less than 5,000 addresses control 80% of the coin’s supply. This indicates that a relatively small number of traders have significant influence over the cryptocurrency’s price.

Over the last month, the market capitalization of DOGE has grown by 14%, surpassing $11 billion. According to CoinGecko, the price of DOGE has increased by 12.6%, currently trading at $0.077.

In mid-November, it was announced that a physical wallet containing DOGE coins would be sent into space on December 23. This initiative, dating back to 2015, is being executed by the space company Astrobotic, which will deliver the meme coin to the Earth’s satellite in a special lunar capsule.

In response to this news, the DOGE price immediately rose by 8%, reaching $0.079, and trading interest in DOGE futures surged by more than 40%.