The Dogecoin (DOGE) rate on the night of Monday, January 24, strengthened to $0.14. The capitalization of the altcoin over the past day increased by more than 9% to $18.398 billion.
As a result of the December and January sales, the share of profitable addresses decreased to 40%, according to a study by the Santiment team.
One of the whales controls up to 23% of the total cryptocurrency supply.
Now the number of profitable wallets is at its lowest level since March 2020. Then this share fell to 29%, the researchers found.
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The share of whale addresses holding from 100,000 to 1 million DOGE decreased from 9.1% to 7.33%, a similar situation is observed with wallets that control up to 10 million coins.
Dogecoin has skyrocketed in value over the past three years amid the hype on social media.
Tesla CEO Elon Musk has sometimes fueled the cryptocurrency’s rally by posting on Twitter about the altcoin, which was originally conceived as a joke project.