Dogecoin ($DOGE), a meme-inspired cryptocurrency created by Billy Markus and Jackson Palmer back in 2013, has been growing in popularity over the recent years, mainly because of high-profile endorsements from influential personalities such as Elon Musk and Mark Cuban. The 5th-largest cryptocurrency is now held by a record-high of 3.18 million addresses, 74.66% of all Dogecoin wallets, with long-term investors controlling over 44.8 billion tokens of this cryptocurrency, worth over $3.7 billion.

As reported by Daily Hodl, this is the highest amount of DOGE’s supply held by long-term investors since October 2021, when Dogecoin was trading at around $0.30. Moreover, the analytics firm IntoTheBlock revealed that the population of long-term investors in this cryptocurrency has been steadily rising since the beginning of 2021. With around 56% of all hodlers sitting on a profit and 41% having their investments in unrealized losses, it is worth noting that 3% of wallet holders are just breaking even with current prices.

Still, approximately 1.47 billion Dogecoins have been accumulated by what analysts call the ‘whale’ population since the start of the year, with about 65% of Dogecoin’s circulating supply concentrated in the hands of these few investors. But aside from rallying up a group of fans, Dogecoin is also set to get a substantial upgrade – an effort of the Dogecoin core developers – that should make the underlying system more user-friendly and accessible to non-developers.

Dogecoin’s success has been quite remarkable since its inception, and it doesn’t appear to be stopping anytime soon. Its growth has gathered attention from investors of all types, and the show of support from high-profile celebrities has certainly helped to expand its overall adoption. But despite its impressive rise, it remains to be seen what the future holds for Dogecoin.



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