Popular meme-inspired cryptocurrency Dogecoin ($DOGE) has become the most traded token among whales on the Binance Smart Chain (BSC) shortly after Elon Musk pushed McDonald’s to accept DOGE as a payment method.
According to data from whale monitoring resource WhaleStats large addresses on the BSC network started trading the meme-inspired cryptocurrency as its price surged shortly after Tesla CEO Elon Musk said on social media he would eat a Happy Meal on TV if McDonald’s accepts DOGE payments.
🚀🌕 #Dogecoin ups 8.3% in the last 24hrs, with a current price of $0.145564
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 26, 2022
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Musk’s tweet came shortly after his company Tesla started accepting DOGE payments on its website, allowing specific products such as its “cyberwhistle,” its “Giga Texas” belt buckle” and its “cyberquad” four-wheeler for kids to be bought with it. These items are all priced in DOGE, ranging from 12,020 coins for the four-wheeler to 300 DOGE for the cyberwhistle.
On Tesla’s Dogecoin support page, the firm notes that customers who send the wrong amount of DOGE to its address may see their orders get canceled, and adds that if an order is overpaid in the cryptocurrency the “overpayment amount will not be refunded to the original form of payment.”
McDonald’s replied soon after, saying Tesla should accept “grimacecoin” first, using a rotund purple character featured in some of the firm’s marketing campaigns to in a mock coin.
The hype saw Dogecoin, which was created in 2013 as a joke, trade upwards amid a wider movement in the market. WhaleStats’ data, it’s worth noting, does not refer to DOGE on the Dogecoin blockchain, but instead to a tokenized version of it on the Binance Smart Chain, held by over 469,000 users at the time of writing.
While a BEP-20 version of DOGE leads by whale trading volume, whales’ holdings are concentrated on BNB and tokenized versions of BTC and ETH, along with stablecoins.