Dogecoin is by far the most popular meme coin, and is one of the few cryptocurrencies that has managed to leave a mark on the mainstream. While it started as a joke, Dogecoin now has a total valuation of almost $9 billion. This raises interesting questions about the distribution of DOGE.
In this article, we’ll examine the biggest Dogecoin holders based on blockchain data and provide additional insights about these addresses where available.
The top 10 Dogecoin holders in 2024
Without further ado, let’s check out the top 10 Dogecoin holders and learn a bit more about these Dogecoin whales.
Data as of April 24, 2024.
1. Robinhood wallet
Holdings: 31.8 billion DOGE
Dollar value: $5.2 billion
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This address is by far the largest Dogecoin holder, as it owns roughly 23.4% of the entire DOGE supply. It is not the only Dogecoin wallet controlled by Robinhood, but is easily the biggest. This address likely belongs to a cold storage wallet, as all of its transactions except for one have been incoming transactions.
This wallet first received Dogecoin in May of 2023, and has been periodically receiving transactions since. The typical pattern is that the wallet receives several consecutive transactions containing a specific amount of DOGE. For example, on June 2, 2023, the wallet received six consecutive transactions containing 680 million DOGE each.
It is not too surprising that the largest Dogecoin wallet is owned by Robinhood. In the first half of 2021, when Dogecoin went viral and reached mainstream circles, Robinhood was arguably the most obvious place to buy DOGE for those who had no prior experience with cryptocurrency investing.
2. Binance wallet
Holdings: 8.9 billion DOGE
Dollar value: $1.4 billion
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The third largest DOGE holder is a wallet controlled by Binance, the world’s biggest cryptocurrency exchange by trading volume and user count. The wallet has been active since July 2019, when Binance first made Dogecoin available for trading on its platform.
In 2023 so far, the wallet has been seeing only a few transactions each month. Combined with the fact that the vast majority of transactions made by the wallet contain millions of dollars worth of DOGE, it’s fair to assume that this is a cold wallet used by Binance to secure customers’ Dogecoin over the long term.
3. Unknown whale
Holdings: 7.2 billion DOGE
Dollar value: $1.1 billion
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The second largest Dogecoin holder is an unknown whale or entity that holds about 5.6% of the Dogecoin supply. The wallet received its first DOGE transaction in November of 2022, and continues receiving transactions of several million DOGE on a fairly regular basis. The wallet has mostly been receiving transactions totaling just over 10 million DOGE. Occasionally, the wallet also sends out DOGE, and these transactions are usually large as well.
At the time of writing, the wallet has received a total of 11.4 billion DOGE, while it has sent out about 3.4 billion DOGE. Despite it being the second largest Dogecoin wallet, we haven’t been able to find any meaningful information online about who it might belong to.
4. Cryptsy exchange wallet
Holdings: 5 billion DOGE
Dollar value: $822 million
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This Dogecoin address, which is the fourth largest among all Dogecoin holders, is tied to an unfortunate chapter in the history of the crypto industry. The wallet belongs to the now-defunct cryptocurrency exchange Cryptsy.
This wallet received its first transaction in January of 2014, when Dogecoin was in its very early stages (remember, DOGE was first launched in December of 2013). The wallet has so far made one outgoing transaction, which occurred shortly after the wallet first became active.
The wallet received its last big DOGE transactions on January 27, 2023. Since then, it has only periodically received small amounts of DOGE, which are likely joke transactions from regular Dogecoin users.
Cryptsy declared bankruptcy in 2016, and there is a prolonged legal process currently ongoing in an effort to return funds held by the exchange to their rightful owners. Hopefully, users who have their DOGE stuck on Cryptsy will be able to receive their coins back as soon as possible.
5. Possibly a crypto exchange
Holdings: 3.9 billion DOGE
Dollar value: $645 million
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We haven’t been able to confirm who owns this Dogecoin wallet, but we’re speculating that it could belong to a cryptocurrency exchange based on its pattern of activity.
The wallet is handling dozens of transactions on a daily basis, with a healthy mix of incoming and outgoing transactions. In addition, the size of the transactions associated with this address varies quite significantly, ranging from small DOGE transfers to medium and occasionally large transactions.
Based on these factors, we believe it’s likely that this is a hot wallet used by a cryptocurrency exchange to handle day-to-day Dogecoin deposits and withdrawals for its customers.
6. Unknown whale wallet
Holdings: 2.5 billion DOGE
Dollar value: $424 million
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This is a curious Dogecoin wallet that very regularly receives transactions containing 5 million DOGE, most commonly twice in a single day.
Image source: BitInfoCharts
This pattern of 5 million DOGE transactions began on October of 2022. Prior to that, the wallet had been receiving even larger transactions, containing sums such as 50 million, 25 million, 20 million or 15 million DOGE.
The vast majority of transactions associated with this wallet are incoming transactions. However, when this wallet does send out DOGE, it’s usually for very large amounts. For example, in June 2023, the wallet sent out 100 million DOGE and followed that up by sending another 70 million DOGE in the same day. Combined, the two transactions were worth almost $240 million at the time.
The owner of this Dogecoin wallet is currently unknown. However, given the wallet’s consistent pattern of transactions, it might very well belong to a cryptocurrency exchange or a different type of company in the crypto industry.
7. Dogeparty burn address
Holdings: 1.8 billion DOGE
Dollar value: $303 million
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This is a Dogecoin wallet that’s used as a burn address. Since nobody has the private keys required to move the DOGE associated with this address, sending DOGE to it basically means destroying the coins forever.
The address is linked to a project called Dogeparty, in which users were encouraged to burn their DOGE as part of an effort to launch a token called XDP. The Dogeparty project lost momentum and was eventually abandoned. However, the coins held by this address will likely stay there forever unless the cryptographic technology underlying Dogecoin is compromised in the future.
The wallet occasionally still receives small transactions, which are most likely just test or spam transactions.
8. Robinhood wallet
Holdings: 1.7 billion DOGE
Dollar value: $283 million
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This is another wallet that belongs to the Robinhood trading platform. The wallet predominantly engages in large transactions, usually consisting of tens of millions of DOGE coins. The wallet is quite active, and has so far received a total of 42.9 billion DOGE and sent out 38.2 billion DOGE.
Due to the large size of transactions that’s typical for this wallet, its DOGE balances can shift quite rapidly in a short period of time.
9. Binance exchange wallet
Holdings: 1.3 billion DOGE
Dollar value: $217 million
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This wallet is tagged as belonging to the Binance cryptocurrency exchange. The exchange is likely using it as a cold wallet, as it has only made one outgoing transaction. This transaction was huge, as the exchange sent 1.4 billion DOGE. Other than this large outgoing transaction, the wallet sporadically receives large amounts of DOGE, as well as test transactions for around 0.001 DOGE.
10. Unknown whale
Holdings: 1.1 billion
Dollar value: $189 million
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This is a cryptocurrency wallet with an unknown owner. The wallet has not made any outgoing DOGE transactions, but regularly receives substantial amounts of DOGE. Although the amount of DOGE the wallet receives in each transaction varies, it always amounts to a value of roughly $10 million at the time of the transaction. In this way, the wallet has accumulated over 1.1 billion DOGE, which is valued at $189 million at the time of writing.
The bottom line
As is usually the case with larger cryptocurrencies, the list of the biggest holders tends to be dominated by cryptocurrency exchanges. This is also the case with Dogecoin, especially when it comes to Robinhood’s main DOGE wallet, which controls a whopping 23.4% of the Dogecoin supply.
However, there’s also some wallets in the top 10 that are controlled by unidentified users or companies. Over time, it’s likely that the ownership of these wallets will become public knowledge.
If you’d like to learn more about Dogecoin, make sure to check out our article exploring if DOGE is a good investment in 2023.
FAQs
Who are the big Dogecoin holders?
Most of the big Dogecoin holders are cryptocurrency exchanges or trading companies. In fact, a wallet controlled by Robinhood controls 23.4% of the entire DOGE supply as of August 2023.
How many Dogecoin holders are there?
There are about 4.8 million unique addresses holding Dogecoin. However, some users have multiple Dogecoin addresses, which makes guessing the real number of Dogecoin holders difficult.
Guessing the total number of Dogecoin holders is made even more difficult by the fact that some users hold all of their DOGE on a cryptocurrency exchange. Exchanges typically pool their users DOGE in large wallets, which means we can’t use on-chain data to estimate how many users hold DOGE on any given exchange.
If you’re interested in Dogecoin, you might also want to learn more about meme coins in general. Make sure to explore our list of the best meme coins to make sure you’re not missing out on any promising meme coins.
