Shiba Inu dog themed meme coin Dogecoin (DOGE)recently reached an important milestone, reaching nearly 500,000 investors. Major wallet investors on Binance Smart Chain hold over 325 million Dogecoin tokens, making DOGE a popular choice among whales.
Dogecoin price is struggling to recover despite the accumulation of whales.
Dogecoin has reached an important milestone with a rapid increase in the number of token holders. Cryptocurrency intelligence platform Whale Stats recently shared that Dogecoin has reached 486,439 holders.
The top 1,000 major wallet addresses on the Binance Smart Chain have now been found to hold a total of 323 million DOGE tokens. Binance’s whale wallets hold more than $46.4 million in Dogecoin. According to data from WhaleStats, Dogecoin ranks fourth among the most used smart contracts on the Ethereum blockchain.
Ethereum co-founder Vitalik Buterin recently announced plans to support Dogecoin’s transition to Proof-of-Stake (PoS). Dogecoin plans to launch a new PoS wallet, and on the matter, Buterin is working on community staking to enable the transition to the Shiba Inu-themed cryptocurrency.
Dogecoin price has not recovered after recent dips, despite news of the move to PoS and the new milestone hitting half a million holders. Analysts at FXStreet evaluated the Dogecoin price trend and noted that the meme coin remained stagnant as the bulls tried to take over.
Billy Markus, one of the founders of Dogecoin, recently urged investors to shift their focus from the hype around the meme coin and its price to value creation in his Shiba-Inu-themed cryptocurrency project.
okay #dogcoin community, real talk. you have now seen that hype is unsustainable, across the board, for all crypto projects and all projects in general.
instead of focusing on hype and price, focus on helping build and improve something that can last. pic.twitter.com/i5izbNdkAZ
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022
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