Dogecoin (DOGE) is one of the few cryptocurrencies that has had a nice rise in the current bear market. For example, you could previously read in the altcoin news that the popular meme coin had risen by no less than 170% after Elon Musk took over the social media platform Twitter. This increase had everything to do with the expectation that DOGE will be integrated in some way on the social media platform.
DOGE finally closed the month of October with an overall increase of 104%, making it the best performing cryptocurrency in the crypto market. However, the month of November turned out to be a lot less, as the entire crypto market had to give in considerably after the drama surrounding FTX.
DOGE millionaires
Data from Bitinfocharts shows that the number of dogecoin millionaires has decreased significantly since the beginning of November. On November 1, for the first time since April 2022, there were 1,046 DOGE millionaires. At the time, there were 887 addresses worth $1 million or more and 160 addresses worth $10 million or more.
However, the bankruptcy of FTX threw a spanner in the works for many of these millionaires, as this number has since fallen to 688 addresses. 613 addresses have a value of $1 million or more and 75 addresses have a value of $10 million or more. With this, the total number of millionaires has fallen by 34% in less than six weeks.
Dogecoin on Twitter
It is currently by no means certain that dogecoin will be integrated on Musk’s platform. The most recent news related to Twitter was about the possible arrival of ‘Twitter Coin’. How and what remains mainly a guess at the moment and it is therefore not yet clear what this currency will mean for dogecoin.
If it is announced that there is a function for DOGE within Twitter, the price will of course respond to it. Perhaps the number of millionaires can expect a nice increase again.