Meme coins like Dogecoin and Shiba Inu are drawing considerable interest from crypto whales as the market pulls back from its recent highs. Both cryptocurrencies have experienced substantial increases in large-scale transactions, signaling heightened activity among major investors.
According to IntoTheBlock’s data, there have been notable spikes in whale transactions, highlighting significant movements despite the overall stagnant price trends.
Whale Transactions Surge for Dogecoin and Shiba Inu
Recent data from on-chain tracking site IntoTheBlock shows a significant increase in high-value transactions for both Dogecoin and Shiba Inu. Dogecoin saw a 49.78% rise in large transaction volumes over a 24-hour period, jumping from $921.39 million (6.84 billion DOGE) on Sunday to $1.38 billion (9.91 billion DOGE) on Monday.
Shiba Inu also experienced a substantial shift, with transaction volumes climbing from $10.18 million (558.73 billion SHIB) to $37.57 million (2.14 trillion SHIB) during the same timeframe. The number of large transactions, defined as those worth $100,000 or more, increased from 30 to 75, reflecting strong interest from major holders.
Despite these notable transaction spikes, the market prices of Dogecoin and Shiba Inu have not followed suit. Dogecoin’s price remains below $0.14, and Shiba Inu is also struggling amidst a bearish market. This divergence between transaction volumes and price suggests that while whale activity is robust, overall market sentiment remains cautious.
Whale Activity Rises for Dogecoin and Shiba Inu Despite Drop in Active Addresses
Despite a surge in whale transactions, daily active addresses for Dogecoin and Shiba Inu present a different story. Dogecoin’s active addresses decreased by 3.29% to 44,100, while Shiba Inu saw a more significant drop of 17.71%, falling to 3,590 active addresses. This decline suggests that the broader investor community has yet to react to the heightened whale activity.
Nonetheless, both Dogecoin and Shiba Inu continue to deliver strong profitability for their holders. Dogecoin has 78% of its holders in profit, with only 18% at a loss and 3% at breakeven. Shiba Inu shows 52% of its holders in profit, 45% in losses, and 3% at breakeven. These figures highlight sustained investor optimism despite the fluctuating market conditions.
In summary, the rise in whale transactions for Dogecoin and Shiba Inu underscores the active shifts within the cryptocurrency market. While major investors are making notable moves, the enthusiasm among smaller investors appears subdued, as evidenced by the declining active addresses. Despite this, the profitability metrics for both coins suggest that they still offer significant value potential, indicating a complex yet hopeful outlook for these popular meme coins.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
