Dogecoin (DOGE) has long captivated the crypto space, moving far beyond its origins as a joke-based token and gaining serious traction among everyday investors. As the community grows and more wallets hold the token, one key question arises: How many Dogecoin holders are there?
Estimating the Number of Holders
When attempting to determine how many holders Dogecoin has, it’s important to clarify what “holder” means. In blockchain terms, it often refers to distinct wallet addresses holding DOGE—not individual people. Because one person may control multiple addresses, any number based on wallet count will only approximate the number of actual people.
Recent on-chain data suggests that Dogecoin has reached about 8 million wallet addresses holding the token. One analytics platform shared that at the beginning of 2025, Dogecoin had roughly 6.9 million holders, and that figure had climbed to 8 million.
Another source, though more conservative, puts the figure at around 4 million individuals holding at least one whole DOGE. Yet another dataset reports over 8.46 million addresses. These variations shed some light on both the growth of the network and the complexity of measurement.
Breaking Down the Numbers and Context
Several factors make interpreting the holder count tricky. First, exchange custodial wallets (where an exchange holds coins on behalf of many users) inflate the address count without representing unique individuals. It’s been noticed that many top-wallets that appear to be large holders are, in fact, exchange-controlled and reflect aggregated holdings of many users.
(Source: Binance)
Secondly, the distribution of holdings is extremely skewed. While millions of wallets hold some DOGE, a relatively small number of addresses control a very large portion of the supply. For example, data indicates the top 10 wallets alone hold a big percentage of the total DOGE supply. Because of this, the “average” wallet holding may be modest, but a few “whale” addresses dominate.
Thirdly, growth in the number of addresses doesn’t always equate to growth in unique new investors. Many new addresses may be existing users diversifying wallets, or could represent inactive or dust-wallets rather than engaged holders.
What the Growth Suggests
The fact that holder counts have increased from the low-millions into the 8-millions signals a healthy expansion of the network of DOGE owners. More holders can mean a broader base of community engagement, increased transactions, and potentially more real-world utility rather than purely speculative interest.
However, the skew toward large holders means one should not assume totally decentralised ownership or that the network dynamics mirror those of widely distributed tokens. Because a few major addresses hold so much, they retain meaningful influence over supply moves, demographic exposure, and market psychology.
Also, as the token was famously one of the earliest “meme coin” assets, the large number of holders may reflect a mix of hobbyist users, small-stake holders, and more serious investors. That diversity can be a strength (broad participation) but also means many holders may be more passive or speculative rather than long-term adopters.
Conclusion
In summary, while there’s no exact definitive number of unique people holding Dogecoin, current data suggests there are on the order of 4 million to 8 million+ wallet addresses holding DOGE. Growth into the upper-millions reflects a strong and expanding user base, but one must keep in mind the caveats around wallet-address counting, concentration of holdings, and the difference between addresses and individuals.
For anyone analysing the Dogecoin ecosystem, the holder count is a helpful barometer—but it must be paired with qualitative insight into holder behaviour, distribution spread, and wallet dynamics to draw meaningful conclusions.
