Bitcoin’s relatively short history has seen many ups and downs. Out of a handful of startups, few currently have a foothold in the market. Some of these altcoin projects have also brought thousands of investors to millionaire status.
This altcoin spawned over a thousand millionaires in 2022 alone
Although Dogecoin is only released for humorous purposes, it reveals an interesting statistic on a profit basis. The market’s first meme coin appeared in 2013 with a dog-themed logo as a mockery of cryptocurrencies. However, it proved to be more than a joke as it became the ticket to becoming a millionaire in the years to come.
As of November 1, 2022, there are 1,046 Dogecoin millionaires. That number is nearly double what it was on September 11 during the last bear market, according to data from BitInfoCharts.com. Dogecoin has previously managed to turn at least 1,000 people into millionaires. But the crypto winter has finally cornered Dogecoin as well. It caused it to lose more than 90% of its peak price. This greatly reduced the number of people who could join the DOGE club.
In terms of weekly and monthly earnings, DOGE outperforms Bitcoin and Ethereum. It gained 150% at one point last week after Elon Musk bought Twitter. It also managed to increase its price by 145.3% in a period of 30 days. No other altcoin among the top 10 by market cap has come close to Dogecoin. Leaders like Bitcoin and Ethereum averaged low profits of around 5%.
After this outstanding performance, Dogecoin outperformed Cardano (ADA) in the market capitalization rankings. It also pushed Solana to 10th place, making it the 7th largest crypto. As a result, 160 DOGE holders currently have a balance of at least $10 million in their account and 887 DOGE holders have a balance of at least $1 million.
Elon Musk and the Twitter influence
Elon Musk and the developments he is a part of are helping Dogecoin once again. Prior to that, the price of DOGE had started to rise with the market on October 25th. It made additional rallies shortly after the Tesla CEO wrapped up his 44 billion Twitter purchase. What caused the Dogecoin rally could be the expectation among the Twitter community and investors in general about the possibility of it being accepted as payment for Twitter services. cryptocoin.comAs you follow, Elon Musk made an important statement on this subject.
Elon Musk has already paved the way for his companies to accept cryptocurrencies in some of their products. However, the new Twitter owner hasn’t said anything about Dogecoin since he took over. The effects of this development are still visible and Dogecoin millionaires are taking full advantage of it.
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