Crypto investors appear to be ruthless in pursuing digital currency tokens as they look to bolster their growing portfolio and consolidate their assets.
As revealed by U.Today, Dogecoin is one of the top 10 cryptocurrencies favored by some of the biggest investors on the Binance Smart Chain platform.
WhaleStats also released data on the top 100 whales on the Binance exchange network. Available metrics have shown Dogecoin to be among the ten largest digital currency holdings among the categories of investors in control of the Binance chain.
BSC Whales Rush to Acquire DOGE
The WhaleStats tracking platform data revealed that among the largest 100 BSC whales, most point to Dogecoin as the token they would like to have in their portfolio. The data covers the past 24 hours under consideration.
WhaleStats further provides more insights into the composition and size of the whales’ portfolio. The whales interested in holding DOGE tokens are heavily invested in various tokens on the BSC blockchain.
The combined total of the original DOGE tokens in their possession is $35,159,166 in fiat, which is a significant 3.3% of their overall portfolio. This means that Dogecoin made up a sizeable 3.3% of the total portfolio of the BSC whales.
In essence, the BSC DOGE tokens are part of the original Dogecoin. Currently, the BNB-enclosed DOGE tokens occupy 6th place in the top list of tokens owned by the whales. Other popular tokens that the whales hold on the BSC platform include DOT, MATIC, BTCB, AVAX, TRX, and others.
How to Spot a Whale
In place of using data on wallets managed by cryptocurrency exchanges, WhaleStats uses data on the biggest wallet on the BSC network. In identifying who a whale is, WhaleStats noted that if a wallet holds a massive amount of digital currency and its owners can manipulate the price of crypto, the holder is a whale.
Whales are no pushovers because their huge portfolio can make the prices of digital assets rise and fall. The whales are always in the driver’s seat as they control how the market behaves and how transactions should be handled.
As per the metrics by WhaleStats, the combined total of the 100 wallets mentioned above holds $2,144,094,208 tokens in the custody of the BSC platform. Additionally, the wallets also hold 701 BNB, 466 tokens from the different crypto networks, and a single NFT collectible.
DOGE Value Consolidating
Following the negative market performance that has become a feature of the meme crypto, the price-performance of Dogecoin has been consolidating for some time now. The all-time high of May 2021 set the tone for the upward movement of the price of the DOGE, but it was unable to sustain the upward trend for long.
Now the bulls are back and making a case for the value of the leading canine currency to continue its upward trend. Time will reveal how long the price recovery run will last for Dogecoin.
