The biggest crypto whales in the cryptocurrency market stand out with their recent sales and large purchases. The stablecoin market has been hit hard by the problems that stablecoin Binance USD (BUSD) has had in recent weeks. However, BNB whales still continue to sell BUSD in high numbers! The whales on sale get these coins. Here are the details…
Binance whales are turning to these coins!
The top 100 BNB whales are still exiting BUSD holdings, according to data from whale watching platform Whalestats. Large BNB whales have averaged just over 2 million BUSD in sales over the past 7 days. With this situation, BUSD became the best-selling coin in a week. Usually these cryptocurrency whales tend to buy and sell stablecoin projects like BUSD for other digital assets. But this time, none of the stablecoins have returned to their wallets. The whales have momentarily turned their direction to BSC-USD.
In the last 7 days, the most purchased coins among the big BNB whales are; It comes out as BSC-USD, FIL, FLOKI, AAVE, BTCB, ADA, USDC, UNI, LINK and FTX.
However, among the whales, BUSD and BSC-USD are among the most sold coins in the last 7 days. Although BSC-USD is sold, it is bought back. While this was a factor that increased the transaction volume, the whales preferred not to buy BUSD in the last week. This is not surprising given that there are no new BUSD entering circulation and therefore investors are starting to exit the stablecoin as liquidity drops.
Stablecoin BUSD market cap drops over 50 percent
With all the sales and cryptocurrency issuer Paxos stopping issuing new stablecoins, BUSD has suffered a huge loss in market value. As we reported as Kriptokoin.com, the popular stablecoin project attracted attention with a market value of $ 16 billion at the beginning of 2023, while it lost 50 percent of its market value as a result of the blows it received in the 3-month period and declined to the level of $ 8 billion.
BUSD Overall market cap chartWith this decline that has lasted for several weeks, Binance USD has fallen to the 10th place in the list of the largest cryptocurrencies by market cap, where it has previously competed for the 6th and 7th places on the list, disappointing many investors. Momentarily, BUSD is behind Dogecoin’s $10 billion market cap with a market cap of $8.3 billion. However, the stablecoin has managed to maintain parity with the US dollar and continues to trade at fixed value.
Although the trading volume has dropped by more than 20 percent in the last day after the announcement of the giant crypto exchange Binance to move zero-fee trading pairs to TUSD, it still has significant trading volumes of over $ 8 billion.
