Dogecoin, the world’s largest meme coin and the ninth-largest cryptocurrency by market cap, is showing surprising resilience in 2025, with monthly active addresses holding steady despite a broader cooldown across the meme coin market. Although the number of active DOGE holders is well below its all-time peak from November 2024, network activity remains significantly higher compared to last year’s levels, pointing to rising investor interest, panic selling, or a mix of both.
According to data presented by CryptoPresales.com Dogecoin saw over 990,000 monthly active wallets in August alone, or 75% more than in the same month a year ago.
Panic Selling and Whale Buying Keep Dogecoin’s Network Busy
After a roller‑coaster ride in 2023 and a spectacular resurgence in 2024, meme coins took a brutal hit in 2025. A staggering 85% of top meme coins by market capitalization crashed during the first nine months, suffering double-digit losses, as retail enthusiasm dried up, with many investors pulling out amid rising market volatility and stricter global regulations. Dogecoin was no exception.
According to CoinMarketCap data, the world’s largest meme coin lost 29% of its value in the nine months of the year, ranking somewhere in the middle among the worst performers. Several other meme coins suffered even more brutal losses, like Shiba Inu (-47%), Pepe (-53%), the Official Trump (-74%), Mogcoin (-67%) and Turbo (-62%).
This sharp double-digit price drop kept Dogecoin’s network activity unusually high in the first half of 2025, sparking debates over what’s really driving this trend. Dogecoin’s trading volume in 2025 seems to be driven by both panic selling and strategic whale buying. While some retail investors rushed to cash out, large players reportedly accumulated over $250 million in DOGE, signaling long-term confidence in the meme coin.
According to Glassnode data, Dogecoin averaged 1.9 million monthly active addresses in the first five months of 2024, largely due to a surge in February and March that saw 4.4 million and 2.1 million active addresses, respectively, some of the highest in its history. But activity plunged in April and May to around 700,000 monthly addresses. The first half of 2025 was a different story. Although network activity nosedived by 90% following an all-time peak of 9.2 million in December 2024, monthly figures saw much smaller swings. From January to August, Dogecoin had an average of 1.26 million active addresses, with May alone reaching 1.81 million. Although that figure plunged to 990,000 by August, that is still 75% more than in the same month a year ago.
The Top 100 DOGE Addresses Control Roughly 65% of All Supply
BitInfoCharts gave an interesting insight into Dogecoin ownership and how heavily its supply is concentrated. Today, the top 100 addresses control roughly 65% of all DOGE in circulation, showing how much influence a small number of wallets still have over the meme coin’s supply.
Robinhood tops the list, with its biggest wallet holding a massive 27.1 billion DOGE, worth around $5.4 billion, and making up nearly 18% of the entire supply. Binance is close behind, with 10.6 billion DOGE in its wallet, or around 7% of the total.
South Korea’s Upbit exchange isn’t far off either, holding 10.1 billion DOGE, most likely as part of its customer fund reserves. The list also includes a wallet from the now-defunct Cryptsy exchange that’s been inactive for years, and another mysterious address quietly sitting on 3.3 billion DOGE.
