The number of whale addresses on the network of meme-inspired cryptocurrency Dogecoin ($DOGE) recently increased by 5.13% after six new whales joined the investor class by scooping up 620 million tokens.
According to renowned cryptocurrency analyst Ali Martinez, who shared this from cryptocurrency analytics firm IntoTheBlock, the number of addresses holding between $100 million and $1 billion DOGE increased by six as whales bought for $37.6 million of meme-inspired cryptocurrency. .
Dogecoin is currently trading at $0.06 after losing around 64% of its value so far this year amid a broad market downturn in the cryptocurrency space, in part due to more macro factors. wide and Russia’s invasion of Ukraine.
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The meme-inspired cryptocurrency is notably backed by Tesla CEO Elon Musk, who has said he wants to keep support DOGE “whenever possible” and even started selling Tesla merchandise at cryptocurrency prices.
Dogecoin was initially published on December 6, 2013, as a “fun and user-friendly internet currency”. It was created by Billy Markus and Jackson Palmer. It is a “decentralized, peer-to-peer digital currency” which has the mascot “Doge”, a Shiba Inu (a breed of Japanese dog).
Since then, its popularity has grown significantly, especially this year when Musk, Mark Cuban and other celebrities continued to promote cryptocurrency on social media as cryptocurrency markets continued to heat up.
Earlier this year, Christine Brown, Robinhood Crypto’s first COO from April 2021 to March 2022, suggested that the meme-inspired cryptocurrency “doesn’t get the credit it deserves” for contributing to the adoption of cryptocurrency.
As CryptoGlobe reported last year, Search Interest in DOGE Soared Ahead of Cryptocurrency’s 10,000% Rally which saw it hit a new all-time high near $0.75. The cryptocurrency has since lost most of its value.
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