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27% of All Dogecoin (DOGE) is Held by One Address – Changpeng Zhao Makes a Brutal Analysis

According to Changpeng Zhao, 27% of DOGE is held by one address. CZ, as he is known as felt that DOGE gets centralized because 27% is owned by one address.

A news publication on EWN claimed that Changpeng Zhao, who is the CEO of Binance, shared his thoughts on DOGE, which is currently one of the hottest topics up for discussion on most social media platforms like Twitter and Reddit. 

Changpeng Zhao has shared the pros and cons of Dogecoin (DOGE). CZ formulated some pros and cons of having the meme-coin, which is Elon Musk being the cool PR manager of it. Unfortunately, DOGE does not have any core team, which may leave it abandoned. 

PABS Crypto News provides you with the latest bitcoin crypto market news had this to tweet about Changpeng Zhao saying that 27% of DOGE being held by a single address. 

Zhao made a critical analysis of DOGE when saying that the top 20 addresses have more than 20% of the cryptocurrency, which may not work well in the future. Besides, he is concerned about the fact that they have no core team. 

CZ obtained the information from Coinmarketcap and Blockchair.com and is for all to read and see. One address holds close to 34.812 million DOGE of the total DOGE supply in the market of 128.233 million Dogecoin.

Today, DOGE is trading steadily at $0.052 after an impressive pump from $0.032. It eventually managed to hit $0.060. The trade volume was green, and the 6-hour MACD may cross the baseline due to the market’s bullish nature. 

Analysts have pointed out that if the $0.050 support zone holds, then the cryptocurrency can easily cross its all-time high of $0.087. Traders and investors know very well that the price of DOGE has the potential to move at a lightning pace.

Market traders have been cautioned to make use of stop losses and low leverage when trading with DOGE on the derivatives platforms. The latest in DOGE is that billionaire and Tesla CEO Elon Mush tweeted in support of it on Thursday, again. 

This saw the cryptocurrency rise more than 58%. The richest man in the world tweeted, DOGE is the people’s crypto and there are no highs or lows, only DOGE.

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