Dogecoin, the cryptocurrency that started as a joke, has reached a significant milestone with over 5 million wallet addresses. This achievement comes as Dogecoin’s user activity has seen a remarkable surge. The number of active addresses reached 168,000, the highest engagement since March 2022. Additionally, there has been a 1,000% increase in transactions over the past ten days, reaching levels not seen since June. However, concerns remain about the concentration of Dogecoin ownership, with less than 5,000 addresses controlling over 80% of the total supply. Despite these concerns, Dogecoin’s market capitalization has increased by 14%, bringing its valuation close to $11 billion. Furthermore, 57% of DOGE wallets are currently profitable, and 73% of Dogecoin investors have held their positions for over a year. Recent highlights in Dogecoin’s journey include plans to send Dogecoin to the moon, its defiance of market trends alongside Hedera, and the record-breaking growth in Dogecoin holders. This showcases the dynamic and unpredictable nature of the cryptocurrency market and the unique trajectory of Dogecoin. As Dogecoin continues to gain popularity, it is important to remain aware of the challenges it faces, particularly regarding ownership concentration.