DOGE and SHIB are on the gas: They are drawing attention with their upward momentum!
Onchain data shows that Dogecoin whales are looking to continue the rise that started last week. IntoTheBlock data shows that the net flow of whales increased by more than 1000 percent from -2.23 million to 20.66 million DOGE, indicating increased activity.
This trend is bullish for the Dogecoin price and suggests that whales are accumulating the asset. At the same time, 43 million DOGE has been outflowed from Dogecoinâs balance on exchanges in the last 24 hours, further supporting the previous observation that large investors may be accumulating the asset. According to Coingecko, the price of $DOGE has increased by 4.2 percent in the last 24 hours and is trading at $0.1134.
Santiment data shows that the 30-day Market Value Realized Value (MVRV) ratio has broken a three-month peak. When this happens, investors are holding their assets at a profit on average, and the buyer is increasingly dominant. The upward momentum in MVRV suggests that $SHIB could shine in the upcoming bull run.
In addition, the supply of Shiba Inu on exchanges has fallen to an all-time low, meaning that the number of tokens offered for sale has decreased, reducing selling pressure and leading to price increases. This development also coincided with an increase in SHIB exchange exits, indicating that investors are transferring Shiba Inus to special wallets for long-term holding.
#KIP #KIPprotocol #CryptoDeNostradame #MOGUL #MogulProdustions
