The number of Dogecoin millionaires has dropped drastically over the past few months due to a steady decline in DOGE price.

This is according to on-chain data provided by blockchain analytics resource Bitinfocharts. Notably, the decline in Dogecoin millionaires has been as a result of the drop in prices on the back of a broader crypto market downturn, rather than selloffs from these holders.

The number of Dogecoin millionaires has dropped drastically over the past few months due to a steady decline in DOGE price.

On-chain data provided by blockchain analytics resource Bitinfocharts reveals that there has been a significant reduction in the count of addresses holding 1 million to 10 million DOGE at the current price.

At press time, DOGE trades at $0.1718, showing a 45.24% crash year-to-date. This follows a 14.33% price drop in March alone and a 38.63% monthly loss in February—the largest since April 2024.

Dogecoin Millionaires at Current Price

Amid the price decline, for a Dogecoin whale to hold up to $1 million at the $0.17 price level, the address must possess at least 5.8 million tokens.

Bitinfocharts data indicates that Dogecoin addresses holding $1.7 million and above at the current price have dropped to around 867. Of this figure, those holding between 10 million DOGE ($1.7 million) and 100 million DOGE ($17 million) account for the highest number, totaling 755.

Meanwhile, addresses with balances between 100 million and 1 billion DOGE worth $17 million to $170 million amount to 97. Those who hold between 1 billion DOGE ($170 million) and 10 billion DOGE ($1.7 billion) total 14. Interestingly, only 1 address holds 10 billion to 100 billion DOGE.

However, this assessment does not account for the tier of addresses holding between 1 million to 10 million DOGE tokens, which amount to a whopping 4,223. Notably, some addresses in their tier, holding at least 5.8 million tokens, are actually millionaires.

A Whale Accumulation Campaign

It bears mentioning that the addresses in these tiers have actually increased over the past year as a result of an accumulation campaign among whales. For instance, those holding between 1 million and 10 million totaled 4,065 in March 2024.

In addition, addresses with 10 million to 100 million tokens amounted to 529 a year ago, indicating that they increased by 226 over the past year. This is largely due to what appears to be a “buy-the-dip” campaign among seasoned market participants.

In fact, data suggests that Dogecoin whales have instead been increasing their holdings amid the ongoing market turbulence. Analyst Ali Martinez confirmed that whales procured 1.7 billion DOGE within 72 hours by March 9. Whales also added 1.4 billion DOGE on March 10.