Dogecoin Price Moves up Thanks to Holders

The Dogecoin holders are 4.98 million strong, which is the highest among the top meme coins.

According to CryptoRank, the Dogecoin holders lead the meme coin rankings, followed by Shiba Inu (SHIB) with 1.40 million and Degen on Base (DEGEN) with 775,000 holders. Dogecoin and Shiba Inu are the only meme coins to surpass the one million holder mark.

The ranking of meme coin holders. Source: CryptoRank

Despite Dogecoin Holders Dominance, Price Growth Remains Minimal

While Dogecoin boasts the largest number of holders, its price has struggled to gain momentum. As previously reported, the Dogecoin’s price barely grew in July, and a similar trend has continued in September.

Data from CoinGecko reveals that Dogecoin’s price has increased by only 2.9% over the past 30 days. Its all-time low (ATL) during this period was $0.090 on Sept. 7, and its all-time high (ATH) was $0.11, reached on Sept. 25.

The Dogecoin price history for the last 30 days. Source: CoinGecko

Despite the number of Dogecoin holders, this has not translated into significant price movement. However, the DOGE remains the largest meme coin by market capitalization, valued at $16.1 billion.

MEW’s Smaller Holder Base But Strong Price Surge

In contrast to Dogecoin, the cat in a dogs world (MEW) ranks last among meme coins in terms of holders, with only 178,000.

Yet, the MEW has shown superior performance over the past month. According to CoinGecko, the MEW’s price has surged 22.4% in 30 days, with a 44% increase in just the past two weeks.

For this month, the cat in a dogs world reached its all-time high on Sept. 25, when its price surged to $0.006. Throughout most of September, the coin fluctuated between $0.003 and $0.004, demonstrating relatively steady movement before the late-month spike.

The MEW price history for the last 30 days. Source: CoinGecko

Supply Impact on Price Movement

Supply factors also come into play. The MEW’s total supply is 88 billion, while Dogecoin’s is 146.1 billion. The DOGE accounts for 0.0034% of the total supply, while MEW holds 0.0002%. This lower supply may contribute to MEW’s faster price growth.