Whales Accumulate Dogecoin & Shiba Inu, Raising Eyebrows
Recent transactions involving large amounts of Dogecoin (DOGE) and Shiba Inu (SHIB) by crypto whales have sparked interest and confidence in the volatile meme coin market. Whale Alert and Scopescan, blockchain transaction tracking platforms, have reported significant whale activity related to these coins. One whale transferred 1 billion DOGE, valued at $78.85 million, from Binance to an unknown wallet. Another whale accumulated 500 billion SHIB, worth $4.73 million, from Gate.io. Over the past 24 hours, this same whale moved 1.08 trillion SHIB, approximately $10.27 million, from exchanges like Binance and Gate.io.
Market Optimism Amid Spot Bitcoin ETF Speculation
The recent gains in the crypto market are attributed to mounting anticipation over the potential approval of a Spot Bitcoin ETF by the SEC. Reports suggest that approval may be imminent, with trading expected to start as early as Thursday. Investors are closely monitoring regulatory developments and their potential impact on digital assets like DOGE and SHIB. The influx of capital into these tokens reflects a broader trend of optimism and risk appetite in the crypto space.
Dogecoin and Shiba Inu Prices
As of now, the price of Dogecoin is trading near the flatline after reaching a 24-hour high of $0.08172. The price of Shiba Inu has seen slight gains of 0.62%, reaching $0.000009298 and touching a 24-hour high of $0.000009585.
Hot Take: Growing Confidence in Meme Coins Amid Bullish Momentum
The significant transactions involving Dogecoin and Shiba Inu by crypto whales indicate a growing confidence in meme coins, despite their volatile nature. These moves, coupled with the overall bullish momentum in the crypto market, reflect the increasing interest and trust of traders in digital assets. With the potential approval of a Spot Bitcoin ETF on the horizon, market optimism remains high, and investors continue to closely watch the regulatory landscape for further developments.
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