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DOGE Becomes Top Traded Crypto by Whales After Elon Musk's New Post

Mon, 12/26/2022 - 12:21
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Gamza Khanzadaev
Dogecoin is on whales' radar again after Twitter boss's Christmas greetings
DOGE Becomes Top Traded Crypto by Whales After Elon Musk's New Post
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According to WhaleStats, Dogecoin, also known as DOGE, became the most traded token among the top 100 Binance Coin (BNB) holders. On the way to this achievement, DOGE overtook Filecoin's token, FIL, which has been particularly popular with these investors in recent days.

The rise in DOGE trading volumes came just after the eccentric billionaire and new Twitter boss, Elon Musk, posted Christmas greetings, backed by pictures of his dogs. It is seemingly nothing special, but you can spot the Dogecoin logo on one of them, which is of the Shiba Inu breed.

Although another mention of DOGE by Musk did not have a significant impact on the token's price, its trading volumes during the holiday showed a higher number than on some weekdays in the past month.

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How do BNB whales deal with Dogecoin?

Specifically, among those top 100 BNB holders, DOGE traded a total of $268,000, and the total number of tokens traded was 347,230. However, diving deeper into the data, one can see that BNB whales were mostly selling Dogecoin, when the asset's sales volume was five times the volume of purchases.

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In total, BNB whales hold 96.55 million DOGE, representing 1% of its total portfolio size. At $0.076 per Dogecoin, this volume is equivalent to $7.53 million.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.