Dogecoin (DOGE) started out as a meme, dog-themed cryptocurrency in 2013 designed to make fun of speculations about the sector back then.
But for some of those who bravely took the risk with the asset, the altcoin proved to be more than just a joke as it became their ticket in becoming millionaires.
According to information from crypto data tracker BitInfoCharts.com, as of November 1, 2022, there are 1,046 Dogecoin millionaires, almost doubling the 590 tally back in September 11 – the time when DOGE, along with its fellow cryptocurrencies, were caught in a bearish market trend.
This is not the first time that the altcoin was able to make at least 1,000 individuals millionaires as it managed to pull off the feat in April this year.
The so-called crypto winter, however, caught up with the digital asset, driving its price to the ground and significantly reducing the number of members in that DOGE-exclusive club.
DOGE Outperforms Bitcoin, Ethereum in Weekly, Monthly Gains
At press time, according to tracking from Coingecko, Dogecoin is trading at $0.145. Earlier, the asset was able to hit the $0.15 marker – a level it last reached in April this year.
Over the span of seven days, the crypto has increased by 132% while over the last two weeks, it managed to surge by 142.9%. On a 30-day timeframe, DOGE managed to pump its prices by 145.3%.
Frontrunners Bitcoin and Ethereum, could only manage to increase by 2.2% and 8.9%, respectively over the last week, as no other cryptocurrency among the top 10 in terms of market capitalization, was anywhere close to Dogecoin in this department.
Following this superlative performance, the altcoin managed to move ahead of Cardano (ADA) in that particular list to take the 8th spot with its $19.922 billion market cap.
This made 887 DOGE holders have a balance of at $1 million while another 160 owners now have at least $10 million.
Dogecoin: The Elon Musk And Twitter Effect
It is undeniable that Dogecoin is once again benefiting from the developments that involve the “Dogefather,” Elon Musk.
Shortly after the Tesla CEO completed his $44 billion purchase of social media giant Twitter, DOGE price surged, although it was already in bullish momentum following the crypto market rally on October 25.
What might be fuelling this Dogecoin price pump is the excitement among its community, and the public in general, with the possibility of it being allowed as payment for Twitter services.
It can be recalled that Musk’s Tesla is already accepting the digital currency in exchange for some of its merchandise.
The new Twitter daddy, however, is still mum on this idea and has not mentioned the dog-themed crypto since his takeover.
Still, the effects of this development remain apparent and the Dogecoin millionaires are enjoying and loving every minute of it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.