Amidst market confidence and ETF expectation, whale purchases totaling $1 billion DOGE and billions of SHIB raise rumors of a cryptocurrency bull run.

Significant DOGE and SHIB purchases by crypto whales are drawing interest from investors worldwide in a volatile cryptocurrency market. Intrigue has been sparked by recent actions involving substantial amounts of Dogecoin (DOGE) and Shiba Inu (SHIB), which indicate a rise in confidence within the volatile meme currency market. Meanwhile, these significant transactions are becoming more well-known as the larger cryptocurrency market enjoys a strong trend.

Whales Stacking Dogecoin and Shiba Inu Lift Eyebrows

Whale Alert and Scopescan, two blockchain transaction tracking tools, have recently observed significant whale activity associated with the meme coins Dogecoin and Shiba Inu. According to statistics from Whale Alert, a whale just moved an incredible 1 billion DOGE, or $78.85 million, from Binance to an unidentified wallet. DU8gP…guBr5 is the wallet address, which is noteworthy.

Concurrently, 500 billion SHIB, or $4.73 million, were acquired by another whale, according to Scopescan, from Gate.io. It’s important to note that this same whale moved an incredible 1.08 trillion SHIB, or around $10.27 million, from cryptocurrency exchanges like Binance and Gate.io in the last 24 hours.

Notably, despite the fact that meme currencies are still controversial because to their volatility, these high-stakes trades indicate that investor confidence in them is growing. However, the bullish trend seen in the crypto market as a whole also shows traders’ growing interest in the digital asset market.

Market Hopeful Despite Spot Bitcoin ETF Rumors

The recent increases in the cryptocurrency market are attributed by a number of observers to growing expectations around this week’s likely SEC approval of a Spot Bitcoin ETF. Approval might happen soon, according to reports, and trading could start as early as Thursday.

With the market still in a bullish state, investors are keeping a close eye on changes to the regulatory framework and are mindful of how they can affect certain digital assets, such as meme coins like DOGE and SHIB. The capital inflow into these tokens is indicative of a more general trend in the cryptocurrency market toward optimism and risk appetite.

As of this writing, though, the price of Dogecoin was trading close to the flatline following a 24-hour high of $0.08172. Concurrently, the price of Shiba Inu, another significant player in the meme coin market, saw minor increases of 0.62% to $0.000009298 and reached a 24-hour high of $0.000009585.

SOURCE:

https://medium.com/@therealcryptojk/whales-stack-trillions-of-shib-and-1b-doge-bull-run-ahead-0695b7c23105