According to data provided by Finbold, the number of Dogecoin millionaires has exceeded 1,000 since the beginning of the year. The largest meme coin attracts mid-range investors due to its high volatility. So what other altcoins does this class of investors called “whales” invest in?
Here are the altcoins that Dogecoin whales bought
Data provided by WhaleStats shows that the top 100 Dogecoin whales are also accumulating popular tokens such as Cardano, Chainlink, Polygon and Gala Games. A large part of the wallets of Dogecoin whales is devoted to DeFi transactions. Whales use wrapped tokens such as wETH and wBTC very often. According to the data, the top 5 cryptocurrencies owned by Dogecoin whales are:
- LYO Credit (LYO)
- Wrapped Ethereum (wETH)
- Binance-Peg BTCB Token (BTVB)
- Tether (USDT)
- ZEDXION (ZEDXION)
The second five include popular tokens such as ADA and LINK among the top 50 by market cap. In particular, Everdome surpasses giants such as MATIC, ADA and LINK with its $40 million whale fund. The rest of the list is as follows:
- pTokens GALA (pGALA)
- Everdome (DOME)
- Cardano (ADA)
- Chainlink (LINK)
- Polygon (MATIC)
It fell hard with the news of the GALA hack, where the whales allocated $ 4 million
cryptocoin.comAs you follow, Gala Games (GALA) lost more than 30% in value on November 4 after the news that it was hacked. The game project claimed that “everything is fine” after news of the billion-dollar hack emerged. However, sales did not slow down as the news had already caused panic among investors. Behind the event is a misconfiguration of the pNetwork bridge that triggered the additional export of Gala. Thus, hackers were able to print large numbers of tokens by exploiting smart contract protocols. They flipped some of these tokens on Huobi. This caused GALA to drop 90% on some cryptocurrency exchanges at one point.
After the incident, Binance announced that it temporarily suspended GALA/USDT transactions.
Jason Brink, president of Gala Games, also revealed that pNetwork was behind the “extraordinary activity” detected on PancakeSwap, which sought to drain the liquidity pool to protect it from malicious exploitation. The gaming company also stated that all GALA tokens on Ethereum, as well as GALA-related assets on the GALA bridge, are safe, and the team has joined forces with pNetwork to temporarily halt transaction activity on the bridge.
GALA is currently delisted from major exchanges such as Huobi and Binance. Binance will leave GALA transactions on the Ethereum network open during this process.
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