Dogecoin Becomes The Most Traded Crypto By Whales Following Elon Musk’s New Post

Key Points:

• Dogecoin, commonly known as DOGE, became the most traded token among the top 100 Binance Coin (BNB) holders, according to WhaleStats.
• Musk’s subsequent mention of DOGE did not significantly affect the token price, but trading volumes during the holiday were higher than on other weekdays in the previous month.
• DOGE traded $268,000 among the top 100 BNB holders, and 347,230 tokens were exchanged. However, looking more closely at the data, it becomes clear that BNB whales mainly sell Dogecoin.

Dogecoin, commonly known as DOGE, became the most traded token among the top 100 Binance Coin (BNB) holders, according to WhaleStats. To reach this milestone, DOGE passed Filecoin’s FIL token, which has recently gained a lot of attention from these investors.

After eccentric billionaire and new Twitter CEO Elon Musk sent Christmas greetings accompanied by images of his puppies, DOGE trading volumes increased. Although it doesn’t appear to be anything unique, one of them, a Shiba Inu, bears the Dogecoin emblem.

Musk’s subsequent mention of DOGE did not significantly affect the token price, but trading volumes during the holiday were higher than on other weekdays in the previous month.

How do BNB whales deal with Dogecoin?

In particular, DOGE traded $268,000 among the top 100 BNB holders, and 347,230 tokens were exchanged. However, looking more closely at the data, it becomes clear that BNB whales were mostly selling Dogecoin when the asset’s sales volume was five times greater than its buy volume.

BNB whales currently possess 96.55 million DOGE, or 1% of its overall portfolio. This volume equals $7.53 million at the current Dogecoin price of $0.076.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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