Most Dogecoins are owned by Crypto Whales

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The first meme coin was Dogecoin, which served as an example for the other meme coins to follow. Dogecoin is “many things to many different people,” according to the website. Dogecoin is fundamentally the unintentional cryptocurrency revolution that makes people smile!

Luckycoin serves as the foundation for the protocol that Dogecoin uses. This protocol’s goal is to deter potential miners from participating in this endeavour. However, this preparation was short-lived, and the protocol for Dogecoin later deleted Luckycoin from it.

It may have started as a joke, but later it found its purpose. Its least price made it popular for small online transactions.

Dogecoin Purpose
In 2014, the project creators of Dogecoin formed Dogecoin Foundation. That was responsible for the support, trademark protection, advocacy, and governance of the DOGE project.

Story Highlights

  • Entry of Dogecoin Into Crypto Market
    Software developer Billy Markus and Jackson Palmer invented Dogecoin in 2013 as a prank. Both of them are not now a part of this. The Shiba Inu dog meme that became viral in 2010 served as the basis for this meme currency.

  • It is a decentralised, highly secure system for keeping data as a public ledger that is maintained by a network of computers known as nodes. It is also an open-source peer-to-peer cryptocurrency that uses blockchain technology.

The Supply Of Dogecoin
As per Dogecoin’s website, “Dogecoin’s supply is not unlimited because it has an absolute limit of issuance per block, per day, per year – just like other coins do.”

“The only difference is that Dogecoin’s issuance does not have an end date. Therefore, Dogecoin is only “infinite” over ‘infinite time’. Over finite time, its issuance is, in fact, finite.”

Most Dogecoin Ownership
There are many obligations regarding the ownership of most Dogecoins. In 2021, a news article referenced a “mysterious dogecoin whale” with $22bn of assets. While some believe that was Elon Musk, as he is one of the biggest cryptocurrency supporters. As per the data provided by Intotheblock, there are seven top holders of Dogecoin. But the wallets are unknown due to the decentralised nature of cryptocurrencies. The most DOGE whale owns 30.16% of the total circulating supply of the cryptocurrency.

The account of the top holder of Dogecoin exceeded 40.84 bn Dogecoin that is worth $2.55bn. The second most DOGE whale owns 5.35% of the total circulating supply worth $7.25bn DOGE tokens.