Crypto whales have a strong influence on the prices of tokens. This is so because these entities or individuals hold large shares of Crypto with them. In recent times, it can be seen that these Crypto whales are going more for DOGE than other coins. The main reason behind this is the rising prices of Dogecoin.
With this, the trading volume of Dogecoin is showing a sharp increase. The whales are adding this token to their portfolios without any second thought. And Dogecoin with the maximum share now has an important position in Crypto whales’ portfolios.
More On Dogecoin
Though this coin was launched as a mere joke, it is no longer the case at present! The coin is now in a top position and performing better than many others in the market. It started to gain popularity at a slow pace after its release. And now, every investor and the whales wants to include it in their portfolio.
The coin reached momentum when Elon Musk tweeted about it. After this tweet, this coin went viral and its success reached its height. Though at present, this coin is unable to show its best performance, there exists a belief that it will rise again.
Elon also announced that DOGE will be accepted for many of his brands’ products. This shows that the token has real-life utility apart from being an investment option. If you are looking forward to investing in some long-term options, Dogecoin can be the right fit for you! Also, it provides faster transactions along with minimum charges on the same.
Reasons Why Whales Want To Add DOGE
Whales hold the major portion of Cryptocurrencies in the market. Their investment decisions play a major role in the market. The demand and rates of Cryptocurrencies fluctuate with the changes in their Crypto preference.
WhaleStats reports that, in terms of market cap, Dogecoin is the largest meme token. Also, in BSC, the trading volumes of this coin are rising by a massive amount. Due to this, the coin is now in the topmost position. Dogecoin now holds its position as the best 10 Crypto for investors.
In the BSC, this is one of the most demanded and purchased tokens. The whales are buying it in large amounts. And this made it land in the 9th position of highest purchased coins by the whales. WhaleStats announced this result by sharing a tweet for similar. As the 100 most influential whales bought this coin, the coin regained its place in the top 10 positions.
Also, WhaleStats shares a set of data on this aspect. This reflects that the top 100 Crypto whales have a total of around 5,424,273 USD. In this, the amount of DOGE is somewhere around 90,545,110. This is a huge amount and it helped in placing DOGE at the top positions again!
Its launch in 2013 as a meme coin was done casually. But over time, the coin showed its potential and now is in a dent decent position. Also, the coin will complete 9 years this December. And celebrations for its 9th anniversary are around the corner!
Conclusion
Dogecoin is the favorite Crypto of the whales in this field. And there are different reasons to validate this preference. This digital currency charges minimum fees for transactions. Also, it offers fast and secure transactions, which is better than Bitcoin most of the time.
Elon Musk is the biggest supporter of this coin and promotes it as a payment option for his brands. He states that Dogecoin completes transactions in around 60 seconds. While Bitcoin takes 10 minutes for a similar transaction! This is one of the prime reasons to prefer DOGE over other coins.
Also, for investment purposes, always carry out research before running into any conclusion. After gaining proper knowledge of this market and forming a proper strategy, invest in the Crypto of your choice. Crypto trading is full of uncertainties and investing with a strategy is the best way to earn profits here.
And, you can invest in Dogecoin or any other Crypto on the go, at the best trading platform. You can trust this platform like millions of other investors do!
