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Over 350 DOGE-made millionaires wiped out in weeks as meme coin struggles

Dogecoin (DOGE) is among the cryptocurrencies that turned several investors into millionaires following the asset’s rise in value and popularity in 2021. Notably, the asset’s 2022 performance has failed to emulate the gains recorded in 2021, in return affecting the number of millionaire holders.

In particular, data acquired by Finbold, highlights that the number of Dogecoin millionaires stood at 685 as of December 12. A breakdown of the millionaires indicates that 605 addresses hold at least $1 million worth of Dogecoin, while 80 account for at least $10 million in DOGE.

Indeed, the number of millionaire holders has dropped recently as the token’s price faltered due to factors like the collapse of the FTX crypto exchange. On November 1, a Finbold report indicated that the Dogecoin millionaires stood at 1,046, representing a drop of 361 addresses in less than six weeks or a 34% decline.

Dogecoin’s rich list. Source: BitInfoCharts

Dogecoin price analysis

In the meantime, Dogecoin’s price continues to trade in the red zone. By press time, DOGE was valued at $0.09, with losses of about 9% in the last 24 hours. On the weekly chart, the Dogecoin price has plunged by almost 15%.

Dogecoin seven-day price chart. Source: Finbold

At the same time, Dogecoin is recording increased selling pressure with a Finbold report on December 12, indicating that the asset lost about $1 billion in market capitalization within 24 hours.

Meanwhile, the DOGE technical analysis (TA) remains bearish, with a summary leaning to the ‘sell’ sentiment at 13, while moving averages (MA) suggest ‘sell’ at 10 on the one-day gauges.

Dogecoin one-day technical analysis. Source: TradingView

It is worth noting that Dogecoin was among the alternative cryptocurrencies that recently recorded gains despite the market correction.

The recent uptick in Dogecoin millionaires emerged after the asset’s benefitted from the news around Tesla (NASDAQ: TSLA) CEO Elon Musk’s acquisition of Twitter. The deal led to speculations that Dogecoin might be integrated as a payment option for the social media platform.

Furthermore, the Dogecoin community remains bullish on the asset’s prospects. For instance, as reported by Finbold, the Dogecoin community on CoinMarketCap, leveraging the price estimate feature, projected that the token would trade at $0.098 on December 31.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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