According to BitInfoCharts.com, a crypto data tracking platform, there are 1,046 DOGE millionaires as of November 1st. This is almost twice the number of millionaires recorded on September 11th (509).
Dogecoin (DOGE) began as a dog-themed cryptocurrency project in 2013. However, the coin has grown over the years, amassing millions of holders across the globe. Some who took the bold step and purchased the coin back then are currently in millions.
Despite the current crypto winter, the number of millionaires on September 11th was 509. However, data from BitInfoCharts.com reveals that the number has increased to 1,046 as of November 1st.
Meanwhile, this is not the first instance where Dogecoin created over 1,000 millionaires. Last April, the meme coin pulled off a similar feat at the beginning of the bull season.
However, the recent crypto winter has affected the digital currency market. The bearish season has pushed the coin’s price down and reduced the number of DOGE holders. As a result, many feared the coin’s value would crash and sell off their holdings.
According to Coinmarketcap, DOGE is trading around $0.125. Earlier this week, the coin had touched the $0.15 mark. The last time it achieved such a feat was in April.
In the past week, DOGE’s price has skyrocketed by about 132%. It has also increased by approximately 142.9% in the past two weeks.
The two most prominent digital currencies by market cap, BTC and ETH, only recorded a 2.2% and 8.9% increase in the past week. This shows that Dogecoin is outperforming other digital currencies in the crypto market.
Dogecoin Outperforms Cardano
This excellent performance pushed Dogecoin above Cardano in terms of market cap. DOGE now sits at the 8th position with a market cap of about $16.541 billion.
Over 887 Dogecoin holders now have a balance of $1 million, while 160 hold at least $10 million. In addition, Dogecoin is soaring on recent social sentiment following Elon Musk’s Twitter acquisition.
Musk is an ardent supporter of this digital currency. The self-labeled “Dogefather” bought Twitter for about $44 billion, and Dogecoin’s price surged.
Furthermore, Musk’s Twitter acquisition has sparked excitement in the Dogecoin ecosystem. As a result, Dogecoin supporters are optimistic that the Tesla boss will integrate Dogecoin payment into Twitter.
Moreover, Musk’s Tesla company already accepts Dogecoin payment for some products. Hence, the community believes the initiative could spread to Twitter as well.
If that happens, Dogecoin would be among the first crypto to be accepted on Twitter. However, Musk has not talked about the idea.
Yet, the Dogecoin community remains optimistic. The latest Dogecoin millionaires are also enjoying the recent social sentiment and hype the token is gathering.
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