Cryptocurrency

Top 50 Dogecoin holders unloaded $110M worth of DOGE over the past week

Zegex

The top 50 Dogecoin (DOGE) investors hold 87.1 billion tokens worth about $12.35 billion at current prices, according to blockchain analytics platform Lookonchain.

These investors hold approximately 63.71% of memecoin’s total circulation and account for approximately 66.5% of the token’s market capitalization.

According to Lookonchain’s analysis, the top 50 DOGE holders have reduced their token holdings by 21 million, about $3 million, over the past 30 days.

But last week, an analysis showed that the top 50 investors liquidated 761 million tokens worth about $110 million. This shows that while the price of Tesla CEO Elon Musk’s memecoin surged last week following news of his Twitter acquisition, top investors cashed in some of the profits. The price of Dogecoin has risen 133.36% for him in this past week.

Analysis shows that the top 50 DOGE investors have purchased $484 million in DOGE tokens in the last 24 hours, worth $70 million.

According to Lookonchain’s analysis, 12 of the top 50 DOGE holders increased their investment in the token and 7 decreased their exposure over the past week.

The analysis reveals that the top 50 DOGE holders also include 15 passive investors who have not traded in the last six months. Of the top 50, 18 of him are early investors who bought DOGE before 2020, and 13 are new investors who bought the token in the last 6 months.

Over the past week, $177 million worth of Dogecoin and $6.7 million flowed into crypto exchanges Binance and Crypto.com, the analysis says.

At the time of writing, Dogecoin has risen 16.01% over the past 24 hours, trading around $0.14. crypto slate data.

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