Top 50 Dogecoin holders unloaded $110M worth of DOGE over the past week

The apical 50 Dogecoin (DOGE) investors collectively clasp 87.1 cardinal tokens worthy astir $12.35 cardinal astatine existent prices, according to blockchain analytics level Lookonchain.

These investors clasp astir 63.71% of the memecoin’s full circulating supply, accounting for astir 66.5% of the token’s marketplace cap.

We did an investigation of the apical 50 holders of $DOGE.

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Here are immoderate of our findings.#dogecoin #DOGEUSDT #DogecoinRise #DOGE #DogecoinToTheMoon pic.twitter.com/9BLO1nMB8B

— Lookonchain (@lookonchain) November 1, 2022

According to Lookonchain analysis, the apical 50 DOGE holders reduced their holdings by 21 cardinal tokens, worthy astir $3 million, implicit the past 30 days.

Over the past week, however, the apical 50 investors liquidated 761 cardinal tokens valued astatine astir $110 million, the investigation showed. This indicates that the apical investors cashed successful portion of their profits portion memecoin’s terms spiked past week pursuing quality of Tesla CEO Elon Musk’s Twitter acquisition. Dogecoin terms accrued 133.36% implicit the past week.

The investigation added that the apical 50 DOGE investors bought 484 cardinal DOGE tokens worthy $70 million, implicit the past 24 hours.

Over the past week, 12 of the apical 50 DOGE holders accrued their investments successful the token portion 7 reduced their exposure, arsenic per Lookonchain analysis.

The apical 50 DOGE holders besides see 15 passive investors with nary trades successful the past 6 months, the investigation revealed. 18 of the apical 50 are aboriginal investors who bought DOGE earlier 2020 and 13 are caller investors who purchased the token implicit the past 6 months.

Over the past week, Dogecoin worthy $177 cardinal and $6.7 cardinal flowed into crypto exchanges Binance and Crypto.com, the investigation stated.

At the clip of writing, Dogecoin was up 16.01% successful the past 24 hours, trading astatine astir $0.14, according to CryptoSlate data.

The station Top 50 Dogecoin holders unloaded $110M worthy of DOGE implicit the past week appeared archetypal connected CryptoSlate.