TLDR
Dogecoin is one of the most famous cryptocurrencies in the world. Since the creation of the token, over a thousand people have made up to a million from investing in it and become dogecoin millionaires.
Most people who are millionaires from DOGE’s pumps are retail investors. However, the number of DOGE millionaires is not fixed. The crypto market experiences periods of downturn occasionally, and it is usual for crypto investors to make some losses during these periods.
The number of DOGE millionaires eventually dropped to about 800 in the middle of 2022. However, after the market fell, the number of millionaires rose to over a thousand later in the year.
Introduction
Dogecoin is a cryptocurrency with fundamentally distinct features from well-known tokens. It started as a practical joke for cryptocurrency enthusiasts, and it gets its name from a famous Twitter meme. However, the value of the joke coin experienced an exponential increase when Elon Musk commented on it.
Billy Marcus and Jackson Palmer developed DOGE in late 2013. Palmer used a joke from the era that contained the purposefully misspelled word “DOGE” to refer to a Shiba Inu dog to brand the cryptocurrency’s logo.
Since the tweet from Elon Musk that led to a rise in DOGE’s value, new crypto millionaires have emerged. DOGE is a token with speculative value. But it still stands among many well-established cryptocurrencies like Bitcoin and Ethereum. Many who invested in its early days are Dogecoin millionaires today.
Dogecoin’s blockchain technology has a proof-of-work consensus mechanism miners can use. DOGE miners use computers to execute transactions. Then, they log them on the blockchain by solving challenging mathematical problems.
Miners receive more DOGE for assisting the blockchain community. Although it might be slow, you can become a Dogecoin millionaire from mining. About a thousand DOGE millionaires exist in various parts of the world.
To be a Dogecoin millionaire, you must be an active investor. Many believe the coin has a promising future, and more millionaires will soon emerge.
How Many Dogecoin Millionaires Are There?
There are 535 wallets with more than $1,000,000 in DOGE, according to the list of Dogecoin’s most ardent investors released by Bit Info Charts. Around 62 holders constitute significant members of the Dogecoin whale list since they hold more than $10,000,000 in Dogecoin.
Most Dogecoin users have wallets with less than $1 worth of the token.
A Quick Review of BitInfoChart’s Dogecoin Rich List
The current Dogecoin supply is limitless, although it is set at 5 billion annually. The top wallet address holds over 28% of the total supply. Over 68% of all DOGE circulate the top 100 wealthiest wallets. In comparison, over 3% are held by the top dormant address.
At least one DOGE can be found in the cryptocurrency wallets of more than 4 million users. However, some significant Dogecoin holders own the greater portion of this crypto.
About 535 individuals control over 106 billion, or 82% of the total supply, now in circulation. Each of these wallets contains more than ten million units of the token.
Who Owns the Most Dogecoins?
The largest holder of Dogecoins is an anonymous wallet with 38.43 billion tokens or 27.95% of the total supply. Two other anonymous wallets are second and third in line, holding 7.56 billion (5.5% supply) and 7.45 billion (5.42% supply) Dogecoins, respectively.
This is different for DOGE, even though many of the most prominent investors in other well-known coins like Bitcoin are well-known. Most of the Dogecoin community considers Elon Musk one of the most famous owners. Another theory is that it is the property of the trading website Robinhood.
Who is Dogecoin Millionaire? What is His Worth in DOGE?
Dogecoin’s price in February 2021 was roughly $0.045. Contessoto, also known as Dogecoin millionaire, decided to go all in after reading about the meme coin on Reddit at the beginning of 2020. He maxed out his credit cards and used $250,000 of his life savings to buy DOGE.
Two months after making the first investment, he had more than $1 million in his possession. Contessoto’s account peaked at over $3 million as DOGE continued to rise and the dog meme gained popularity.
At this point, he had returned on his $250,000 initial investment more than 12 times in just three months. Despite the coin’s ups and downs, Glauber Contessoto has kept his coins rather than traded them since becoming a Dogecoin millionaire.
Blockchain data shows that 590 DOGE addresses presently have at least $1,000,000 worth of the token. In addition, eight addresses with more than $1 billion and 73 with more money than $10 million invested.
Contrary to popular belief, Contessoto, often known as “Slumdoge Millionaire” on Twitter, is not among the Dogecoin millionaires. His portfolio currently only has roughly $417,000.
Can Dogecoin Still Make More Millionaires?
At the height of Dogecoin’s popularity in 2021, it appeared that millionaires popped out on a whim. But a lot has happened since it reached a high of about $0.75. Dogecoin stock currently trades for around $0.07, and most of the enthusiasm and hype that helped it get its all-time high has subsided.
Despite losing steam, DOGE still has a devoted following. This has led optimistic people to believe the coin still has millionaire potential.
This optimism, though, needs to change. The need for supporting technology and use cases restricts any future possibility for long-term growth. However, its rise to crypto fame was legendary and paved the way for succeeding coins.
Dogecoin’s odds of producing the returns to produce millionaires seem limited without a compelling value proposition. The unpleasant truth is that the bulk of assets in the cryptocurrency class could be more suitable for investment.
Cryptocurrencies are often valued for their usefulness, utility, and potential. While many other cryptocurrencies claim to offer solutions, only Bitcoin and Ethereum provide the potential to make millionaires. They have long-term usage and value.
We recommend Binance as the go-to exchange to buy some DOGE.
More details
Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
Conclusion
It takes a long-term strategy to become wealthy if you invest in cryptocurrencies. Still, it doesn’t have to be so. While hoping for quick profits from trendy meme currencies may sound alluring, research shows they often come at increased risk. This risk is because these coins decline as quickly as they grow.
Investing in established cryptocurrencies is the best way to become a crypto millionaire. There are over a thousand people who are Dogecoin millionaires. However, the number changes frequently.
In 2021 Glauber Contessoto, who watched Tesla's Elon Musk speak on YouTube, invested his entire savings in the coin. He took advantage of the interest rates and became a millionaire.
However, according to Dogecoin's ledger, he is no longer a millionaire because he refused to sell the crypto when the value fell.
The largest owner of DOGE is anonymous. However, people speculate that Elon Musk or Robinhood owns most of the coin's portfolios.
Elon Musk has repeatedly stated that DOGE is his favorite coin to date. He, however, issued a disclaimer that he was not suggesting anyone purchase the crypto.
A quick search of DOGE's value from its start shows that the possibility of DOGE reaching $10,000 is slim. It needs the requisite technology and usage to achieve that value.
Suchet Salvesen
Suchet is a Norwegian economist, entrepreneur, and investor, serving as the CFO and COO of Brainfund. With over a decade of experience in global expansion, venture capital, and emerging technologies, he earned his MBA from the NMBU School of Business & Economics. He held dual bachelor's degrees from the University of South-Eastern Norway. His career spans roles at NextToMe, Get, and Conax before joining Everipedia, now Brainfund, in 2017.
