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Take a closer look at the key differences between Trezor and Ledger wallets — from safety and supported coins to usability, pricing, and beginner-friendly features.

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Learn how many Dogecoin holders there really are, what on-chain data reveals about wallet counts, and why the numbers matter for DOGE’s future.

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Bitcoin climbed from $ 101,000 to $ 104,000 and Dogecoin surged 5% after reports of $2,000 stimulus payouts to Americans.

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Does Elon Musk Own Dogecoin?

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 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? 

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 

. 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.

Several factors make interpreting the holder count tricky. First, 

 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.

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.

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 

 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 “

” 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.

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. 

, 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.

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 this week following unconfirmed reports about potential government payouts to American households. Bitcoin climbed from $101,000 to $104,000 within hours. Dogecoin posted a brief 5% gain before momentum stalled.

Financial newsletters circulated claims that Americans earning under $100,000 annually could receive $2,000 payments linked to tariff revenues. The reports triggered immediate speculation among traders that recipients would allocate portions of these funds toward digital assets. Market participants responded swiftly to the possibility of retail cash inflows.

Trading data confirmed the surge in activity. Binance recorded Bitcoin spot volume jumping from $8.3 billion to $11.1 billion during the rally period. The price movement occurred without accompanying news from regulatory bodies or major institutional announcements. Funding rates across major cryptocurrencies turned negative for nearly twelve hours, indicating forced liquidations of short positions contributed to the upward momentum.

 in 2013, commented on the market reaction through social media. He stated the response aligned with expectations, noting that observers anticipate these funds will be "used stupidly." His remarks reflected a common sentiment among cryptocurrency veterans regarding retail investor behaviour during stimulus-driven rallies.

Dogecoin's 5% increase proved temporary. The meme coin remains 22% below its recent peak despite the rumour-fueled bounce. The broader market exhibited similar patterns, with initial enthusiasm followed by consolidation.

The connection between government stimulus and cryptocurrency purchases has historical precedent. Previous rounds of direct payments to households in 2020 and 2021 corresponded with notable increases in crypto trading activity. Exchange data from those periods showed measurable upticks in new account registrations and deposit volumes.

Rally Loses Steam Amid Range-Bound Trading

 proved short-lived as the asset returned to familiar trading boundaries. The cryptocurrency continues moving within a $98,900 to $106,200 range. This represents a significant retreat from the late October high near $118,000.

Derivatives markets showed modest liquidation activity totalling $58 million. This figure falls well below thresholds typically associated with sustained trend reversals. Market analysts noted the absence of panic selling or aggressive position closures during the rally.

 to exchanges provided another indicator of limited conviction. These metrics increased just 0.7% for the week, suggesting traders did not rush to deploy additional capital despite the price movement. Stablecoin reserves on trading platforms typically surge ahead of major buying campaigns.

The tariff-linked payout proposal lacks official confirmation from government sources. No legislation has been introduced to authorize such payments. Treasury Department representatives have not addressed the circulating reports.

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The internet loves a good meme, but when that meme becomes a multi-billion-dollar asset, things get complicated. Few people have influenced the trajectory of the meme coin 

—whether by tweets, company decisions, or sheer cultural gravity. The big question, however, is: does Elon Musk actually own Dogecoin? And if he does (or did), what role has he played in driving its pricing — the so-called “pump”?

Elon Musk has repeatedly stated that he holds 

, Ethereum (ETH), and Dogecoin (DOGE), while also clarifying that he does not own certain other meme coins, like 

According to BitKan, Musk explicitly said that he “only owns Bitcoin, Ethereum and Dogecoin. ‘That’s it.’” This confirms that Musk does claim to own DOGE. Watcher Guru also reports that Musk disclosed ownership of DOGE in addition to his BTC and ETH holdings, although the language used suggests the public should stay cautious because the size and timing of his holdings have never been made public.

Importantly, Musk’s personal ownership of DOGE does not make him the creator, controller, or operator of the Dogecoin network. Dogecoin was created in 2013 by software engineers 

 as a joke project inspired by the Shiba Inu meme. 

A Reddit thread summarizing community consensus states clearly that “Musk does not own or operate Dogecoin,” reinforcing that although he holds DOGE as an asset, he has no governance role in the protocol. Musk has also made it clear that his comments about cryptocurrencies should not be taken as investment advice.

Taken together, these sources make it clear that Musk does indeed hold DOGE, but he is not connected to the technical or administrative side of the Dogecoin blockchain, and his exact DOGE balance remains unknown.

Elon Musk’s Dogecoin “Pump” & Market Impact

The idea of a “pump” implies that someone is 

 in a way that drives its price significantly upward—whether intentionally or as a by-product of influence. In the case of Musk and Dogecoin, his public actions have repeatedly corresponded with noticeable price movements.

Musk’s tweets and public statements have often sent Dogecoin surging within minutes. One academic study found that Musk’s non-negative crypto tweets were linked to positive abnormal Bitcoin returns, which suggests that he has 

Dogecoin, however, is still the most notable example of this effect. In May of 2021, just before Musk’s appearance on Saturday Night Live, DOGE surged dramatically. Earlier that same year, in February of 2021, Musk referred to DOGE as “the people’s crypto,” which triggered another sharp rally.

His influence continued into 2023, when he temporarily changed the Twitter (now X) logo to the Shiba Inu dog — a symbol synonymous with Dogecoin. This act alone caused DOGE to spike in price. 

These price reactions have also caused some 

. One lawsuit alleged that Musk intentionally used his influence to raise and drop the price of DOGE, pointing to a more than 30% surge that occurred after he changed the Twitter logo. While such allegations remain unproven, they prove just how closely investors associate Dogecoin’s volatility with Musk’s behaviour.

Despite the price swings, Musk has said that Dogecoin is his favourite cryptocurrency, even as he warned followers against speculation or going “all-in.” His influence on DOGE’s price is undeniable, but whether that influence constitutes a deliberate “pump” is unclear.

Elon Musk says he owns Dogecoin — alongside Bitcoin and Ethereum — but he has no operational control over the Dogecoin network. His tweets, comments, appearances, and even temporary logo changes have repeatedly triggered major DOGE price swings, giving him significant market influence. 

That influence does not guarantee long-term value, and Dogecoin is still very much a speculative asset driven heavily by social-media 

. As always, this is educational information and not investment advice; investors should research thoroughly and assess their risk tolerance before making decisions.

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 and Ledger are two of the most popular hardware wallet brands for cryptocurrency. Both offer secure offline storage for your 

 and aim to protect your digital assets from online threats. Choosing between them can be confusing for beginners, as each has its own strengths in security features, supported coins, and user experience.

 is a physical device that is designed to securely store the private keys that grant access to your cryptocurrency. Unlike software wallets or exchanges that keep your keys online, hardware wallets keep them offline (

), protecting your digital assets from hacking, phishing, or malware attacks. These wallets look similar to USB drives and require physical confirmation on the device itself before any transaction can be made. This is done to ensure that even if your computer is compromised, your funds remain safe.

 and control over your crypto, since no third party holds your keys. Most hardware wallets connect to your computer or smartphone via USB or Bluetooth and work with companion apps for managing funds. They support a wide range of cryptocurrencies, which makes them ideal for both beginners and experienced investors who want to hold crypto long-term. 

In essence, a hardware wallet acts like a digital vault, balancing convenience with high-level security for your blockchain assets.

To start, here is a quick overview of the main differences between Trezor vs Ledger hardware wallets:

When it comes to safety, both Trezor and Ledger are industry leaders in securing cryptocurrency. They are cold-storage devices, meaning your private keys stay offline on the device, which vastly improves 

. However, there are differences in their security models:

All Ledger devices use a certified Secure Element (SE) chip – similar to those in passports and credit cards – to protect your private keys in a tamper-resistant enclave. This dual-layer security (hardware SE + proprietary OS called BOLOS) makes it extremely difficult for hackers to extract keys, even with physical access. In fact, to date no Ledger wallet has been hacked through its security hardware. 

Ledger devices also implement PIN protection (wipes device after 3 wrong attempts) and optional passphrase (25th word) for extra security. Communications over Bluetooth (on models that have it) are end-to-end encrypted, and private keys never leave the device during transactions.

 philosophy centers on open-source security. All Trezor firmware code is publicly available for review, allowing the community to audit and trust the device’s software. Trezor pioneered features like Shamir Backup, which lets you split your recovery seed into multiple shares to distribute in different locations – you need a quorum of shares to recover the wallet, greatly reducing single-point failure. 

) now include secure element chips as well, but the older Trezor Model One and Model T use a general microcontroller (still secure, but theoretically more vulnerable to advanced physical attacks). 

Trezor devices rely on a user-set PIN (wipes after consecutive failures) and support an optional passphrase for an extra layer of protection, similar to Ledger. One difference: in the past, researchers with specialized equipment did find exploits on older Trezor models when they had physical access to the device. Those flaws have since been patched, but it shows Ledger’s secure element can offer stronger defense against hardware attacks. On the other hand, Trezor’s transparency allows anyone to verify the device’s integrity, whereas Ledger’s closed source firmware requires trust in the company.

Overall, both wallets are extremely safe for everyday use and far more secure than keeping crypto in software wallets or exchanges. Ledger’s use of secure elements and a closed OS provides robust protection against physical tampering. Trezor offers complete transparency and innovative backups (Shamir), but some models lack the secure element and have had minor vulnerabilities revealed through intensive testing.

 In summary, Ledger has a slight edge in hardware security, while Trezor places more emphasis on auditability and user control. Beginners can feel confident with either, as long as you purchase from official sources and follow best practices.

Another key consideration is the range of cryptocurrencies supported and how each wallet integrates with apps and services:

Ledger wallets are known for supporting a very wide array of coins and tokens (over 5,500 assets as of 2025). Through the Ledger Live app, users can manage many major coins (Bitcoin, Ethereum, XRP, Solana, etc.) and numerous 

, BEP-20 tokens, and others without third-party wallets. 

This broad native support is great if you hold a diverse portfolio. Additionally, Ledger Live has built-in support for 

 certain coins, and even supports viewing and managing NFTs directly in the app. 

For assets that Ledger Live doesn’t natively support, Ledger devices can still integrate with external wallets (for example, you can connect your Ledger to MetaMask or other blockchain-specific wallets) – but in practice Ledger requires third-party apps less often than Trezor does.

 officially support a large number of cryptocurrencies as well – the company cites over 8,000 tokens and coins supported. However, only around 1,000+ of those can be managed directly in Trezor Suite (the official desktop interface). 

Popular coins like Bitcoin, Ethereum, and many ERC-20 tokens are covered natively, but for some blockchains (e.g. Cardano’s ADA, Cosmos, or certain DeFi tokens) Trezor relies on third-party wallets or integrations. For example, to use Trezor with Ethereum DeFi or NFTs, users often connect Trezor with 

This means extra steps for advanced usage. It’s perfectly doable, but beginners might find it less convenient when venturing beyond basic coins. On the plus side, Trezor’s focus on core functionality keeps its interface simple for major cryptocurrencies, and integrating with external apps offers flexibility if you need it.

In summary, Ledger has an advantage in coin support and built-in integrations. If you plan to hold many different altcoins, use decentralized finance apps, or stake directly from your wallet, Ledger’s ecosystem may serve you better with fewer external tools. 

Trezor, while supporting all the top coins and many others, might require a few extra steps  for certain assets. For a beginner mostly dealing with Bitcoin, Ethereum, and a handful of popular coins, both wallets will cover your needs.

For everyday use, consider how each wallet connects to your devices and whether they offer a mobile app:

Ledger provides a unified app called Ledger Live for desktop and mobile (available on iOS and Android). This app is very beginner-friendly and feature-rich. On your computer or phone, Ledger Live lets you check balances, send and receive crypto, swap or buy crypto via partners, and even manage 

If you use a smartphone, the Ledger Nano X, Flex, or Stax can connect via Bluetooth to the Ledger Live mobile app, so you can manage your funds on the go wirelessly. (The Nano S Plus model lacks Bluetooth, so it would require a USB OTG cable to use with a phone.) 

The mobile experience is a big selling point for Ledger, as you can conveniently access your hardware wallet through a secure app anywhere. All transactions still require physical confirmation on the Ledger device, keeping it secure. In short, Ledger’s software ecosystem is robust and convenient for both desktop and mobile users.

Trezor’s main interface is the Trezor Suite desktop application (or web app), which is easy to use for sending/receiving crypto and managing your portfolio on a computer. However, for a long time Trezor did not have a full-featured mobile app. Recently, they introduced Trezor Suite Lite for Android devices, but its functionality is very limited. 

With the Trezor mobile app, you can view your account balances and transactions from your phone, but you cannot send or trade crypto through the mobile app – it is essentially a “watch-only” companion. To actually perform transactions or use advanced features, you still need to connect your Trezor to a computer and use the desktop Suite or a third-party app. 

Both companies offer multiple models of hardware wallets, with older and newer versions to fit different needs and budgets. Here’s a quick rundown:

The Trezor Model One is the original hardware wallet, launched in 2014, and it remains a popular entry-level device priced around $59. It’s simple and great for beginners, though it has a small monochrome screen and lacks some of the newer security features. The Trezor Model T is the second-generation flagship (released in 2018) featuring a color touchscreen and support for Shamir Backup; it originally cost around $219 but has recently been seen for ~$129 (possibly due to newer models entering the lineup). 

In 2023, Trezor introduced the Safe series: for example, Trezor Safe 3 is a mid-range wallet that improved on Model One, and Trezor Safe 5 is a high-end model with a touchscreen and dual secure elements (comparable to the Model T in functionality). 

 which boasts wireless connectivity and “quantum-ready” security for future-proofing. For a beginner, the Model One or Safe 3 provides affordable security, while advanced users might consider the Model T or Safe 5 for more features. Overall, Trezor’s wallets tend to be more affordable than Ledger’s, with a lower entry price and even the top models generally under $200.

Ledger’s lineup includes the veteran Ledger Nano S (discontinued and replaced by the Nano S Plus at $79). The Nano S Plus is an entry-level device with no Bluetooth and a basic screen, but it supports all the same assets via Ledger Live and is a solid budget choice.The Ledger Nano X ($149) is a very popular model that adds Bluetooth connectivity, a rechargeable battery, and can install more apps at once, which is important if you manage many types of coins. 

In late 2022 and 2023, Ledger unveiled premium devices: the Ledger Stax ($399) – co-designed by an iPod creator – featuring a large e-ink touch screen and innovative design for NFT display, and the Ledger Flex ($249), which is similar to the Stax but slightly scaled down (no wireless charging, slightly different form). 

All Ledger devices share the core security features and coin support; you pay more for larger screens, batteries, and convenience features in the higher-end models. For beginners, the Nano S Plus or Nano X are most relevant (and often recommended). Ledger’s devices are a bit pricier on average than Trezor’s, especially at the high end, but many users find the extra features worth it.

Getting help when you have questions or issues is crucial, especially if you’re new to using hardware wallets. Both Trezor and Ledger provide support, but in slightly different ways:

Trezor (SatoshiLabs) offers a comprehensive online Support Center with FAQs, user guides, and a community forum. If you need direct assistance, you can contact their support team via the official support page or by email. The official support email for Trezor is support@satoshilabs.com. 

Trezor’s site also has a chatbot and directs users to use their forum for community help on common issues. They typically do not offer phone support, but they are responsive via email/tickets. When seeking help, always ensure you’re on the legitimate Trezor website (trezor.io) and never give out your recovery seed – Trezor support will never ask for it.

Ledger directs users to its official Support Portal (support.ledger.com). There, you can browse help articles or use the live chat widget (bottom-right on their site) to get assistance. 

They handle support primarily through a ticket system or live chat – you start with the chatbot, which can connect you to a human agent or let you submit an email ticket. Ledger does not list a public support email that you can write to directly (emails like support@ledger.com are not used for inbound queries). Instead, all support is funneled through the website form/chat. 

Ledger also maintains an official support Twitter account (@Ledger_Support) for announcements. As with Trezor, beware of scammers – Ledger will never contact you first or ask for your 24-word recovery phrase. Official Ledger emails will only come from @ledger.com or @ledger.fr domains. If in doubt, always go through the official support site.

In terms of community resources, both brands have active communities where beginners can ask questions and find guides. Overall, both Trezor and Ledger provide solid support and extensive knowledge bases. 

Now that you have taken a closer look at the specifics, let’s summarize the pros and cons of Trezor and Ledger hardware wallets:

Both wallets have far more pros than cons when used properly. The cons listed are relative – for example, Ledger’s closed source nature is a con for some, but millions of users still trust it due to its strong security record. Trezor’s need for third-party apps is a con for convenience, but it’s the trade-off for an open ecosystem. Evaluating these points will help you decide which aligns better with your needs and values.

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