Meme coin struggles wipe out 350 DOGE millionaires in weeks

Notably, the asset's 2022 performance fell short of the 2021 gains, reducing the number of millionaire owners. As of December 12, 685 millionaires were using Dogecoin. According to a breakdown of the millionaires, 80 addresses account for at least $10 million in DOGE, while 605 addresses hold DOGE valued at least $1 million.

As the token's price fell because of factors like the failure of the FTX crypto exchange, the number of millionaire holders has decreased recently. The number of Dogecoin millionaires was 1,046 as of November 1, a decrease of 361 addresses or 34% in less than six weeks.

In the interim, Dogecoin's price still fluctuates in the negative territory. At the time of publication, DOGE had lost about 9% of its value in the previous day and was worth $0.09. The price of Dogecoin has decreased by almost 15% on the weekly chart.

Dogecoin is experiencing more selling pressure simultaneously; the asset lost about $1 billion in market capitalization in just 24 hours. Moving averages (MA) suggest a sell signal at ten on the one-day gauges. The DOGE technical analysis (TA) remains bearish, with a summary leaning toward the 'sell' sentiment at 13.

Noteworthy among the alternative cryptocurrencies that recently saw gains despite the market correction was Dogecoin.

The recent increase in Dogecoin millionaires appeared after the asset benefited from the news surrounding Tesla CEO Elon Musk's acquisition of Twitter (NASDAQ: TSLA). Speculations arose after the deal that Dogecoin might be added as a payment method for the social media platform.

The Dogecoin community continues to be optimistic about the future of the asset. Using the price estimate feature, for instance, the Dogecoin community on CoinMarketCap predicted the token would trade at $0.098 on December 31.