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

The top 50 Dogecoin (DOGE) investors collectively hold 87.1 billion tokens worth roughly $12.35 billion at current prices, according to blockchain analytics platform Lookonchain.

These investors hold around 63.71% of the memecoin’s total circulating supply, accounting for around 66.5% of the token’s market cap.

We did an analysis of the top 50 holders of $DOGE.

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

— Lookonchain (@lookonchain) November 1, 2022

According to Lookonchain analysis, the top 50 DOGE holders reduced their holdings by 21 million tokens, worth approximately $3 million, over the past 30 days.

Over the last week, however, the top 50 investors liquidated 761 million tokens valued at around $110 million, the analysis showed. This indicates that the top investors cashed in part of their profits while memecoin’s price spiked last week following news of Tesla CEO Elon Musk’s Twitter acquisition. Dogecoin price increased 133.36% over the past week.

The analysis added that the top 50 DOGE investors bought 484 million DOGE tokens worth $70 million, over the past 24 hours.

Over the past week, 12 of the top 50 DOGE holders increased their investments in the token while 7 reduced their exposure, as per Lookonchain analysis.

The top 50 DOGE holders also include 15 passive investors with no trades in the past 6 months, the analysis revealed. 18 of the top 50 are early investors who bought DOGE before 2020 and 13 are new investors who purchased the token over the past 6 months.

Over the past week, Dogecoin worth $177 million and $6.7 million flowed into crypto exchanges Binance and Crypto.com, the analysis stated.

At the time of writing, Dogecoin was up 16.01% in the past 24 hours, trading at around $0.14, according to CryptoSlate data.