Canine-themed digital currency Dogecoin (DOGE) is now one of the top 10 largest whale holdings on the Binance Smart Chain (BSC). This development is occurring at a time the crypto market seems to be making a comeback.
According to WhaleStats, a whale monitoring resource, the top 1,000 whales on Binance Smart Chain own approximately $50 million worth of DOGE in their wallets.
However, it should also be noted that the DOGE circulating on the Binance Smart Chain is a tokenized version of the digital currency. These BEP-20 token versions usually have a 1:1 backing to the original DOGE.
DOGE holders became privy to earning interests on their stake earlier this month through Celsius, a popular crypto lender. Holders of the meme coin can earn as much as 0.5% APY in kind.
Currently, the largest digital currency in possession of whales on the Binance Smart Chain is Binance’s native BNB. This is followed by the tokenized versions of both Bitcoin (BTC) and Ethereum (ETH), and then by leading stablecoins. Outside of this, the only other major altcoin on the top 10 is Polygon (MATIC), a layer 2 scaling solution for Ethereum, which recently raised $450 million in a Sequoia Capital-led investment round.
Image Credits: Pixabay
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