A primary BNB whale is the latest among other whales to take a plunge in the mad rush for Dogecoin by adding a whopping 8.9 million worth of DOGE to his portfolio.
The purchase is the latest among those carried out by a member of the top 100 BNB whales, following the previous purchases of the DOGE by other whales, bringing the combined total of DOGEs bought so far to a massive 361 million.
It appears that large whales from other leading cryptocurrencies are increasingly finding Dogecoin attractive to put their stakes in, making high investment decisions and enlarging their portfolios with any digital coin with a lot of prospects.
Furthermore, the recent moves by whales to have a stake in emerging markets signal a potential positive outlook for the crypto industry as more and more investors are willing to diversify their portfolios.
Major BNB Whale Acquires 9 Million DOGE
The whale’s identity, who made the massive purchase of 8 million DOGE, is yet to be ascertained. Still, available data shows that the whale is in the 75th position amongst 1,000 BNB whales and holds a 20.75% portfolio of Binance tokens valued at $296.301.
Moreover, the most significant token of the whale valued in USD is DODO, not BNB. The said token is made up of a whopping 25.7% of the whale’s total holdings in cryptocurrency, but the combined value of his portfolio is less than a million USD.
361 Million DOGE Transfer By Whales
A considerable amount of DOGE has been moved by whales in the last 10 hours, and it might have been more than the reported amounts. Dogecoin is being driven in a handful of transactions by the whales; the said movement is expected to be more than 361 million Dogecoin. However, the biggest reported transactions to have taken place are 70 million to 100 million DOGE. In the same vein, smaller transactions are made of 7 million to 40 million DOGE.
Like the value, the interest in Dogecoin is rising and falling simultaneously, pointing to a direct relationship between the price and demand of the meme coin.
DOGE’s Co-founder Speaks On Utility
The co-founder of Dogecoin, Billy Markus, has taken to his Twitter account to suggest another way to maximize Dogecoin’s efficiency. According to Markus, Dogecoin’s utility is looking to address the means of sending and receiving money in a fast and affordable way. He believes that Dogecoin is flexible enough to handle almost all transactions, hence its utility. Dogecoin, just like other transaction mediums, can be used to send and receive funds in a timely and inexpensive manner.
DOGE Community Records Another Win
Following its unprecedented growth in market capitalization, the Dogecoin community has again celebrated its achieved milestone by reaching 3 million followers on Twitter, taming it above direct rival Shiba Inu, whose account has 2.7 million followers.
Last year saw the Dogecoin Twitter account record a Mmodest681% growth in followers; since then, the Twitter subscribers have grown in leaps and bounds, exceeding many expectations.