One thing that makes it so dangerous to invest in Dogecoin is its lopsided wealth distributions. Only one address owns almost a third of Dogecoin, 11 addresses own almost half of it, and 82 addresses account for 64% of the supply.
That type of wealth distribution is very risky. These owners can majorly influence the fluctuations and if they decide it’s time to sell, the average investor will nurse heavy losses. And if you’re going to factor in its utility, Dogecoin is really not a smart investment vehicle.