Don’t feel down on yourself if you didn’t jump on the Dogecoin hype before it exploded. Most individuals are just like you, especially because a shockingly small group of people own the majority of Dogecoin shares.
At a $46 million market cap, the meme-based cryptocurrency has been turning heads left and right. But experts are advising people not to get Doge-fever and go all-in, considering the fact that less than a hundred people control the majority of its shares.
In fact, a mere 98 wallets across the world own approximately 68% of Dogecoin shares, while only five wallets control 40%. These numbers are shocking to say the least, especially when you wonder about the fortunes these select individuals made off of the Doge boom.
As cryptocurrency expert Akand Sitra put it bluntly, “The scam is simple. Hold on to Dogecoin till there is enough traction after it multiplies, dump all coins and cash out. Become instant billionaires.”
It’s this get-rich-quick mindset that has millions of people around the world so infatuated with cryptocurrency, hoping to strike it big with the next Bitcoin.
However, it’s a fickle business to say the least, as Sitra himself also acknowledges the probable demise of Dogecoin: “The Dogecoin bubble will burst by the end of this year, easily.”
