The period of price decline presents the perfect chance for crypto-hungry whales looking for the opportunity to lay their hands on as many tokens as they can purchase by trading with sellers at a discounted rate.
All things being equal, Dogecoin is once again the center of attraction to top BSC whales looking to use the current market situation of the meme cryptocurrency to expand their growing portfolios at a relatively lower rate than they can get previously.
Sellers are under pressure to cut their loss, while others choose to hold on to their tokens for a while to see whether the price would appreciate.
Large amounts of the meme cryptocurrency have been moved recently between unknown wallets at a time when the price of the coin is below 8.21%.
According to a whale tracking firm aligned to Dogecoin on its Twitter handle, over the last several hours, there has been a reported flurry of activities involving the movement of the coins totaling 414 million. Whales moved between several anonymous wallets belonging to unnamed whales. The transfer coins are approximately 54.20 million in fiat currency.
However, Dogecoin is currently leading the pack among the assets preferred by the BSC whales. The buyers are actively trading when the price of the meme cryptocurrency is the bean down below 8%. The fall in price has seen the DOGE as the preferred token to the BSC whales to acquire a substantial amount.
Large Amounts Of DOGE Moved
Over the past 6 hours, several anonymous whales have made more than 20 transactions which are believed to involve a total of 414 million DOGE, with around 12 wallets having moved 30 million DOGEs individually.
The remaining whales carried a combined 5 million of the original coins that were created in 2013 as a joke against the emergency of Bitcoin. The original meme coins appear to be the smallest among the DOGEs moved by whales partly because it is in limited supply compared to its previous version.
Dogecoin Targeted By Top BSC Whales
At the time of writing, Dogecoin has regained its position among the top ten cryptocurrencies owned by the 1,000 largest BSC whales. The whales have been busy purchasing to increase their portfolio and consolidate their standing in the industry.
Currently, DOGE occupies tenth place together with BNB, MATIC, and Ethereum. Several USD-theme stablecoins also occupy 10th place with those mentioned above.
However, a sudden upturn in value can see the whales looking to transact elsewhere and sellers keeping their assets till it appreciates more in price before they can decide to sell.
Price Of DOGE Is On A Downward Spiral
The rush by the BSC whales to purchase more of the DOGE is coming when the meme cryptocurrency is experiencing a sharp price drop. Dogecoin is presently trading at $0.1306.
The past 24 hours have seen the value of the coin declining further by more than 8% after hitting the $0.1244 mark at the early hours of Wednesday.