The meme-inspired cryptocurrency Dogecoin ($DOGE) has become one of the top 10 holdings among whales on the Binance Smart Chain at a time in which the cryptocurrency market has been recovering and memecoins are making a comeback.
According to whale monitoring resource WhaleStats, the top 1,000 whales on Binance smart Chain have a total of nearly $50 million worth of the meme-inspired cryptocurrency in their wallets.
It’s worth noting that the DOGE circulating on the Binance Smart Chain is a tokenized version of the meme-inspired cryptocurrency, meaning it’s a BEP-20 token version compatible with the network. These tokens are often backed 1:1 by the cryptoassets they represent.
The largest cryptocurrency behind held by whales on the Binance Smart Chain was Binance’s BNB, which is the network’s native cryptocurrency and is used to pay for transaction fees on it. It’s followed by tokenized versions of both BTC and ETH, and then by leading stablecoins.
The only other major altcoin on the top 10 is then Polygon ($MATIC), a layer-two scaling solution for Ethereum which recently raised $450 million in an investment led by Sequoia Capital.
Notably, earlier this month holders of DOGE started being able to earn interest on their holdings via popular cryptocurrency lender Celsius. According to an announcement, DOGE holders can earn up to 0.5% APY in kind.
The meme-inspired cryptocurrency’s adoption has been increasing, largely thanks to support from Tesla and SpaceX CEO Elon Musk. As CryptoGlobe reported, after Musk pushed McDonald’s to accept DOGE as a payment method, one of its rivals has said it will work on accepting DOGE if Musk does something for it.
Rival fast-food chain MrBeast Burger, an American delivery-only fast-food chain founded by internet personality Jimmy Donaldson (AKA MrBeast), has tweeted at Elon Musk saying it will “work on” accepting $DOGE if it gets a retweet.
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