Dogecoin DOGE is now among the ten most-held cryptocurrencies by the largest wallets on the Binance Smart Chain (BSC) network.
Recently, the cryptocurrency data platform, Whale Stats have revealed this in their Twitter platform. According to the tweet, Dogecoin was ranked tenth among the largest cryptocurrency holdings by the 1,000 biggest BSC whales, with a total value of $48.99 million.
In addition, Whale Stats also mentioned Mobox in another tweet. According to the update, Mobox has flipped Ellipsis (EPS) to emerge as the most-traded token by the largest BSC whales over the past 24 hours.
The reports state that the 1,000 largest BSC wallets are worth an average of $5.76 million and have an average of 6,079 Binance Coin as well as 19 tokens.
Does this matter?
Dogecoin’s popularity has surged since last year. The plummeting can be majorly attributed to the Tesla Inc. CEO Elon Musk.
The cryptocurrency’s official Twitter account has the second-largest crypto followers behind Bitcoin among all the cryptocurrency handles on Twitter. Recently it surpassed three million followers last week,
Several major companies now accept Dogecoin for payments. The list includes Newegg Commerce INC, Tesla INC, Gamestop Corp, Nordstrom Inc, and others.
Problem of whales in Dogecoin
Over 75% of the total Doge supply is held by the top wallets. The richest wallet holds 30% of the total Doge supply. There is no information about those wallet holders.
One or a few wallets accumulating a major portion of Doge’s supply poses a risk. Whales seeking a sell-out could dump dogs in the market. Elon Musk even acknowledges this concern.
But, Dogecoin’s trading volume was so high last year that it crashed Robinhood’s app. In just a year, the price of Dogecoin soared 700 percent.
Recently, Dogecoin is down 3.6% during the past 24 hours, trading at $0.1519 at press time.
