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Benzinga

Chainalysis Report: 37 Billion Dogecoin Is Owned By Only 31 Investors

What Happened: On-chain analysis from blockchain data firm Chainalysis revealed that newer Dogecoin (CRYPTO: DOGE) investors had increased their skin in the game. In a recent market intel report, Chainalysis’s Chief Economist Philip Gradwell said Dogecoin is currently being adopted by new investors at a level not seen since the late-2017 bull market. Between July 2020 and August 2021, new Dogecoin holders increased their share of supply from 9% to 25%, while those who held the meme-based cryptoc