BNB Whales Dump Millions Of BUSD, Here’s What They Are Buying

As Binance Coin (BNB) continues to rally, its biggest whales have reportedly dumped millions of BUSD stablecoins. This has left some investors wondering what these whales are buying instead. According to various reports, these whales are investing heavily in DeFi projects, particularly those within the Binance Smart Chain ecosystem. This includes tokens such as Cake, Venus, and Autofarm. In addition, some whales are also accumulating large amounts of ETH and BTC as they seek to diversify their portfolios. With the crypto market heating up, it remains unclear what will happen next, but for now, it seems like BNB whales are betting big on DeFi.

Binance USD (BUSD), the stablecoin issued by Paxos, has taken a hit in the market after the Securities and Exchange Commission (SEC) issued a Wells Notice to the issuer. As a result, BUSD’s market cap has rapidly dropped, and Paxos has been ordered to stop issuing new tokens. Top Binance Coin (BNB) whales have been getting rid of their BUSD holdings and turning to BSC-USD. There are no new BUSD being put into circulation, and as a result, investors are beginning to move out of the stablecoin as liquidity declines. Additionally, the usage of the BUSD smart contract among these large investors has also declined. Despite the large sells, BUSD still remains the largest token holding among the top 100 whales. However, the BUSD market cap has dropped by 50% since the beginning of the year. Nevertheless, BUSD has been able to maintain its parity with the U.S. dollar and continues to trade on peg, with significant trading volumes above $8 billion.

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