Elon Musk’s Holiday Tweet Spikes the Volume of DOGE Trades

• After Musk’s tweet, DOGE has the highest trade volumes of BNB’s top 100 holders.
• DOGE overtook Fil in trading volume amongst BNB whales.
• BNB whales presently own 96.55 million Dogecoins, 1% of its total portfolio size.

Elon Musk’s seemingly ordinary holiday tweet had something significant hidden within the pictures of his dogs in Christmas attire.  Upon closer inspection, there’s a Dogecoin logo on one of them, which just so happens to be of the Shiba Inu breed. 

This created a surge in Dogecoin trading volumes.  The eccentric billionaire and Twitter owner’s cheeky tweet sparked so much interest that DOGE now has the highest trade volumes among Binance Coin’s top 100 holders.

Although it is important to note that the other time Musk mentioned DOGE, it did not have a meaningful impact on the token’s price. However, the trading volumes over the holiday showed a more significant number than on some weekdays over the past month. Additionally, DOGE overtook Filecoin’s token, Fil, which has recently been quite popular with investors.  Whalestats issued a tweet saying:

It’s essential to understand how Binance Coin whales deal with DOGE to understand what this means.  Specifically, of the top 100 Binance Coin holders, Dogecoin traded a total of $268,000, with a total number of tokens traded being 347,230.

However, if you were to look deeper into the data, you can see that Binance Coin whales were selling DOGE when the sales numbers were five times that of the number of purchases.

Overall, Binance Coin whales currently hold 96.55 million Dogecoins, equating to 1% of its overall portfolio size, equivalent to $7.53 million, with the current price of DOGE at $0.076.