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Who owns the most DOGE? Dogecoin whales analysis

By Ankish Jain

Edited by Vanessa Kintu

11:00, 18 December 2022

Dogecoin token
Dogecoin is an open-source, peer-to-peer cryptocurrency created as a satire of the cryptocurrency industry – Orpheus FX / Shutterstock

Meme coin is a phrase that was introduced in December 2013 when Dogecoin (DOGE), the first meme coin, was launched and spawned a new generation of tokens, such as shiba inu (SHIB).

During 2021, endorsements from celebrities such as Snoop Dogg, Gene Simmons, and, most famously, Elon Musk, who on Twitter dubbed himself ‘The Dogemaster’ and got DOGE considerable recognition and its value increased many times.

As a result of all this frenzy and media coverage, DOGE reached an all-time high of $0.7376 on 8 May 2021. As of 16 December, DOGE was trading at $0.08616, down more than 88% from its peak price.

Is the golden era of meme coins gone, or will things turn around for DOGE? Who owns the most DOGE, and how could they be affected in the future?

What is Dogecoin and how does it work?

On 6 December 2013 IBM engineer Billy Marcus and Adobe engineer Jackson Palmer invented Dogecoin. 

Dogecoin (DOGE), which goes by the tagline “do only good everyday”, is an open-source, peer-to-peer cryptocurrency created as a satire of the cryptocurrency industry. 

The Dogecoin brand logo is based on a popular meme at the time featuring a Shibu Inu dog. It also has the backing of a strong community dubbed the ‘Doge Army’. Dogecoin temporarily became the fifth-largest cryptocurrency by market value in 2021, when the hype around meme coins reached new heights.

Dogecoin, like Bitcoin, employs a proof-of-work (PoW) mining mechanism, which requires miners to utilise advanced computers to solve complicated mathematical equations to execute and verify transactions on the blockchain network. Miners are rewarded for their mining efforts with DOGE.

Dogecoin can be used to make payments and purchases, but it is not a cryptocurrency that can be utilised as a store of value. This is because Dogecoins can be produced indefinitely (unlimited supply cap), making the cryptocurrency extremely inflationary by design.

Dogecoin is used to tip users on Reddit and Twitter, and it is accepted as a payment mechanism by a few dozen merchants.

The Dogecoin Foundation, which governs and oversees the Dogecoin Network, was established in 2014. However, the organisation has remained mostly silent over the years. The foundation was reactivated in August 2021, after the organisation had been quiet for six years, with a renewed emphasis on supporting the currency via innovation and engagement.

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Dogecoin tokenomics

As of 16 December, DOGE was trading at $0.08616 with a market cap of $10.87bn and a return on investment (ROI) of 15,300%.

DOGE has a circulating supply of 132.67 billion tokens with no upper limit. The total supply of a cryptocurrency is the number of tokens on the blockchain, including those not in circulation.

Unlimited supply makes DOGE an inflationary token. When there is a limitless supply of anything, its value falls. The higher the supply, the lower the price.

Messari, a data analytics company, reported that the current inflation rate for DOGE is 3.55%. Dogecoin has incorporated a ‘deterministic inflation’ rate of 10,000 DOGE a block with a block duration of one minute.

This issue means that precisely 5 billion new DOGE will be minted and released annually, indicating that the pace of inflation could drop over time. This is because only 5 billion tokens will be brought into circulation each year, but the overall supply will continue to grow.


64,619.75 Price
-0.130% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


0.12 Price
-1.830% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


380.60 Price
-1.990% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50


3,421.22 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Who owns the most DOGE? 

According to CoinCarp, there were 44,70,243 Dogecoin holders as of 16 December, up from 44,24,608 wallet holders on 17 November – a rise of 1.03%.

The top 10 and 100 holders dominated 49.34% and 67.66% of the DOGE supply, respectively, making it susceptible to pump-and-dump operations.

Who has the most Dogecoin? Further analysis highlighted that an anonymous wallet with 38.43 billion tokens, or 27.95% of DOGE supply, was the biggest holder.

Among other top holders of Dogecoin, two other anonymous wallets held 7.56 billion tokens or 5.5% supply and 7.45 billion tokens or 5.42%, respectively, making them the second and third largest Dogecoin holders. Since crypto wallets are anonymous, the identities of these DOGE whales were hidden from the public.

Many members of the Dogecoin community speculate that Elon Musk is one of the most prominent Dogecoin holders. However, no data nor formal declarations are available to substantiate the assertions.

Dogecoin news and price drivers

In contrast to other projects, Dogecoin’s development team has not made any recent significant announcements. Listed below are some news pieces that may affect the project’s fate.

Launch of wDOGE

Through a collaboration with wDogeDAO, BitGo announced the inclusion of Wrapped Dogecoin (wDOGE) to the Ethereum (ETH) blockchain in November 2022. wDogeDAO is a BitGo, Dogecoin Foundation, BluePepper and MyDoge wallet initiative.

Wrapped Dogecoin will allow holders to utilise their wDOGE tokens in the Ethereum ecosystem for decentralised applications (dApps). Every wDOGE will be backed 1:1 by a DOGE token. In addition, BitGo will offer both DOGE and wDOGE hot wallets, qualified custody, and self-managed custody.

Inaugural Dogecoin hackathon

The Dogecoin Foundation finished the first-ever Dogecoin hackathon, dubbed ‘Dogeathon’, in November 2022. Individuals and teams could participate from anywhere online or in person with key Dogecoin developers in Victoria, Australia.

The Dogeathon, hosted in Australia’s Yarra Ranges, showed the potential of DOGE’s newest and traditional integration options, including LibDogecoin, GigaWallet API, Core API and more.

The bottom line

Dogecoin is one of the cryptocurrency space’s most unusual and fascinating offerings. It is the world’s biggest meme coin and a well-known altcoin in the cryptocurrency sector. It skyrocketed by almost 64,000% from the lows of 2020 to its all-time high in May 2021.

Is it different this time? Will Dogecoin regain prominence if the mood shifts and mainstream investors flood the market? Only time can answer this question.

While knowing who owns the most Dogecoin and other crucial facts is important for accessing the project’s tokenonomics and ownership concentration, you should always conduct your own due diligence. Look at the latest news, technical analysis, and a wide range of analysts’ opinions before making any trading decision. 

Keep in mind that past performance is no guarantee of future returns. And never trade money that you cannot afford to lose.


How many DogeCoin holders are there?

According to CoinCarp, there were 44,70,243 DOGE holders as of 16 December, up from 44,24,608 wallet holders on 17 November, a rise of 9.31%.

Who created DogeCoin?

Dogecoin is a cryptocurrency that was created in 2013 by software engineers Jackson Palmer and Billy Markus.

What makes DogeCoin unique?

Dogecoin blocks are 1 MB in size, much like Bitcoin blocks. However, unlike Bitcoin, Dogecoin’s blocks are generated every minute, allowing it to handle a larger number of transactions per second.

Markets in this article

DogeCoin / USD
0.1238029 USD
-0.0022927 -1.830%
Ethereum / USD
3421.22 USD
-23.06 -0.670%
Shiba Inu / USD
0.00001948 USD
-0.00000057 -2.940%

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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