Dogecoin (DOGE), the crypto industry’s largest memecoin, has reached an extraordinary milestone in its global launch. The number of Dogecoin wallets has exceeded a special number. However, concerns remain regarding the centralized distribution of DOGE coins.
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Introduction of Dogecoin
On-chain data from IntoTheBlock shows that the number of wallets holding DOGE has exceeded 5 million for the first time. This is an important metric for overall blockchain adoption.
At the same time, the daily number of active addresses on the network has also skyrocketed in the last few days. Last Saturday, the Proof-of-Work (PoW) network had fewer than 87,000 active addresses, but on Monday there were more than 194,000. That number hasn’t been this high since February last year.
The number of confirmed transactions has also skyrocketed. Within 10 days it rose by up to 1,000 percent to the peak of over 1.7 million reached last Sunday. It also marks the highest number of confirmed transactions since June this year.
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Concerns about DOGE centralization
Although these numbers are positive, concerns remain regarding the distribution of DOGE coins across all wallets. For some time now, a small group of investors have owned a large share of all currencies.
Data from BitInfoCharts shows that fewer than 5,000 addresses currently own more than 80 percent of the circulating DOGE supply. This means that a relatively small number of companies have significant control over the price of Dogecoin. If these big boys decide to dump some of their holdings into the market, it could put the market under significant selling pressure.
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