Meme Coin Recovery: BNB Whale Buys 8.9 Million DOGE

With the global crypto market cap securely above the $2 trillion mark currently sitting at $2.04T, the larger market seemed to be heading for a recovery from the recent blues.

The top coins by market cap like Bitcoin, Ethereum, and Binance Coin (BNB) were up by 5%, 3%, and 3% respectively, over the last day.

Despite BNB’s 15% price appreciation in the last week, some BNB whales eyed meme tokens like Dogecoin for higher gains. 

BNB Whales Diversifying?

Data from WhaleStats revealed that on February 8, a BNB whale in the top 100 among the 1,000 largest BNB whales purchased close to 8.9 million Dogecoin. The whale who made the purchase of 8,999,983 Dogecoin holds 75th place on the WhaleStats scale.

That address at the time had 20.75% of its portfolio in Binance Coin, worth $296,301.

🐋 A BNB whale just bought 8,999,983 $doge ($1,471,326 USD).

Ranked #75 on WhaleStats: https://t.co/zEn2mvxKMc

Transaction: https://t.co/E2Wdz2DKZw#DOGE #BEP20 #BNB #whalestats

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 8, 2022

Additionally, another BNB whale ranking 1 on WhaleStats bought 493,988,620 Reef worth $5,985,299 just a couple of hours after the DOGE purchase happened. In addition to that, soon after, the same whale bough 20,207,237 SafePal (SFP) equivalent to $18,026,431 or over $18 million. 

With the above buy, Dogecoin returned among the top purchased tokens by BNB whales. So, with BNB whales seemingly diversifying their portfolios what could be the reason behind the same?

Meme Coin Recovery

Despite the gains shown by the larger market some of the top gainers at press time were meme tokens like Shiba Inu noting 21.62% daily and over 55% weekly gains. Dogecoin on the other hand noted over 6% daily gains at press time trading hands at $0.166 on the 12th spot by market cap. 

Dogecoin’s price had been on a steady decline since reaching an ATH of $0.76 in May 2021, setting lower highs and lower lows since then. In October 2021 DOGE briefly touched the $0.339 level but since then the highest DOGE went was $0.21 on January 14.

The recent DOGE accumulation could aid some push to the coin in the near term but the coin’s rally could be triggered by retail euphoria and some high social interest as it has in the past. For now, with DOGE’s rally already looking weak, the meme token could be dependent on Bitcoin for higher gains.