The data show that the number of addresses containing Dogecoin (CRYPTO: DOGE) has seen a sharp drop in the past few weeks.
What’s happened: According to vBlock Diagram shares Ali Martinezthe number of addresses holding DOGE decreased from 4.55 million to 3.89 million.
#Dogecoin | Significantly reduced the number of addresses stored $DOGEincreased from 4.55 million addresses to 3.89 million addresses. pic.twitter.com/yGlBjE6V81
— Ali Martinez (@ali_charts) March 14, 2022
The plot of the chart shows that the sharp drop in the number of DOGE holders occurred in the first two weeks of March.
Why it matters: Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk said on Monday that he still owns DOGE and has no plans to sell his cryptocurrency holdings despite being bearish on the US dollar.
Musk is one of Dogecoin’s most influential proponents, and in the past, his comments about DOGE have resulted in short bursts of frenzied buying.
But his latest tweet didn’t have much effect on the price of the meme coin. DOGE is currently trading at $0.11, down 84.6% from its all-time high. In the last 30 days alone, the cryptocurrency has lost 23.8% of its value and its market capitalization has fallen to $15 billion.
Price Action: At press time, DOGE was trading at $0.11, up 2.3% over the past 24 hours. bitcoin (CRYPTO: BTC) was trading at $41,100, up 5.8%, and Ethereum (CRYPTO:ETH) was trading at $2,700, up 6.59% from the same period.
Photo by Kanchanara on Unsplash