You Can Catch Crypto Whales Making Waves in Meme Coins Again This Year!
Get ready to witness the action as crypto whales begin to move in meme coins like Dogecoin and Shiba Inu once again. The market is retracing from its weekend surge, leading to significant spikes in large whale transactions in these meme coins between Sunday and Monday. Both Dogecoin and Shiba Inu experienced notable increases in whale transactions during this period, especially the latter, with a significant surge in large transactions.
Dogecoin And Shiba Inu Witness Rise in Whale Transactions
Data from the on-chain data tracking website IntoTheBlock reveals a 49.78% spike in large transaction volumes in Dogecoin within a one-day period. The number of large transactions, valued at $100,000 and above, jumped from 1,030 on Sunday to 1,310 on Monday.
- The total transaction volume increased from $921.39 million (6.84 billion DOGE) to $1.38 billion (9.91 billion DOGE).
- Despite the surge in volume, Dogecoin’s price remains below $0.14 at present.
Similarly, the Shiba Inu meme coin also experienced a notable surge in its large whale transaction volumes, surpassing Dogecoin’s increase. Whale transaction volumes for Shiba Inu rose from $10.18 million (558.73 billion SHIB) on Sunday to $37.57 million (2.14 trillion SHIB) on Monday.
Activity Declines Amidst Whale Transactions
While whale transaction volumes are on the rise for both Dogecoin and Shiba Inu, daily active addresses have been declining. This indicates that the influence of whales has not yet spread across the entire investor base, leading to muted activity levels.
- Active addresses for Dogecoin fell by 3.29% to 44,100, and Shiba Inu experienced a larger decline of 17.71% to 3,590 addresses.
Despite the market dynamics, both Dogecoin and Shiba Inu are still showing profitability for their holders. Dogecoin maintains a higher percentage of holders in profit compared to Shiba Inu.
- 78% of Dogecoin holders are in profit, with 18% in losses and 3% at breakeven.
- For Shiba Inu, 52% of holders are in profit, 45% in losses, and 3% at breakeven.
Closing Thoughts 🚀
Crypto whales are once again making their presence felt in meme coins like Dogecoin and Shiba Inu. Despite the rise in whale transactions, daily active addresses have seen a decline, signaling that not all investors are actively engaged in the market at this time. Both Dogecoin and Shiba Inu are still profitable for a significant portion of their holders, indicating ongoing investor interest and support in these meme coins.
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