According to data from WhaleStats, which focuses on chains such as Ethereum, BNB Chain (formerly BSC), and Polygon, crypto whales are after Dogecoin. According to Whale Stats, Dogecoin is among the top 10 cryptocurrencies based on smart contract activity on BNB Chain.

While Bitcoin and Ethereum have dropped significantly in the past days, the meme token Dogecoin has also lost about 25% in value. At the time of writing, Dogecoin is trading at $0.06697, down nearly 4% in the last 24 hours, according to CoinMarketCap data.

Dogecoin Adoption Increases

Adoption of the most popular meme token is increasing day by day. Companies such as Swiss-headquartered watch company Hublot, Uber Eats and Tag Heuer have announced their adoption of the asset. Payment processor BitPay allows many companies to receive payments with DOGE. It also provides the same service for another meme token, Shiba Inu. It's also worth remembering that Robinhood holds 29.99% of DOGE's supply.

Sellers Are Stronger

According to the data provided by Whale Stats, when we look at the transactions of the top 100 Ethereum whales, we see that 11 whales are buying and 8 whales are selling.

However, when we look at the buying and selling volumes, we see that the sellers are stronger. This shows that purchases are limited and risk appetite is low.

Idle Bitcoin addresses are now the accounts holding the largest Bitcoin

The Bitcoin network has many Bitcoin addresses that have been dormant for years. In addition, the number of Bitcoins held at such addresses continues to increase. According to Bitinfocharts data, as of August 22, the cumulative number of Bitcoins held in idle addresses over the past five years has reached an all-time high of 17.87 million BTC.

According to the data, Bitcoin at idle addresses accounts for more than 90% of the 19.12 million BTC currently procured. The highest-ranked dormant address holds 79,957 BTC, worth approximately $1.6 billion compared to Bitcoin's current market cap of $21,200. Cumulatively, the top five idle addresses hold 185,096 BTC worth $3.9 billion.