The market is retracing its steps after a weekend rally which means, some of the crypto whales are back to meme currencies such as Dogecoin and Shiba Inu. On Sunday and Monday, both Dogecoin and Shiba Inu had so many massive whale transactions. However, there was a particular significance regarding the number of whale transactions that the latter experienced.
Increasing Counts of Dogecoin and Shiba Inu Whale Transactions
According to data from IntoTheBlock, over the past day on-chain monitoring website IntoTheBlock says there was huge transaction volumes for doge by 49.78%. There were 1,030 significant transactions on Sunday that had a dollar value of $100,000 or more. After Monday this rose to 1,310.
To put it into perspective with prices involved all over the range between $921.39 million (6.84 billion DOGE) and $1.38 billion (9.91 billion DOGE). However; this surge in volume has not propagated into price upsurge since doge continues trading below $0.14 when this article is being penned.
On the same note, however, Shiba Inu meme currency’s large whale transaction volumes have also seen a major rise but much higher than DOGE’s within which it falls under—on Sunday it was just at $10.18 million (558.73 billion SHIB), however by Monday it had grown more than three times more to $37.57 million (2.14 trillion SHIB). This was a big improvement compared to yesterday’s total.
Further still within this period of time, the total number of tokens worth one hundred thousand dollars or much more in value has risen from thirty pieces of paper to seventy five pieces as they went beyond such level in number for these deals. However, this is happening at the same time as Dogecoin, as the price of Shiba Inu continues to battle against the unfavorable market headwinds.
Decrease in Activity Levels The Whale Transactions Despite Being
Meanwhile, although whale transaction volumes for both Dogecoin and Shiba Inu have been increasing, one more important parameter called daily active addresses has been declining. It follows from the fact that activity has not reached high levels yet that the whales mood has failed to spread across all investors.
These figures suggest that there were just 44,100 active addresses on that day with a decline of 3.29% in Dogecoin’s active addresses per day according to IntoTheBlock data during yesterday only. As for Shiba Inu, its decrease was more substantial whereby 17.71 percent cut was observed in terms of daily active addresses reducing their total number down to 3,590 on some other day.
For profitability purposes, both Dogecoin and Shiba Inu show high numbers of their holders making profits on their investments. Holding 78% in terms of beneficial gains, 18% in terms of detrimental losses while the remaining 3% reached a breakeven point, Dogecoin is still the most popular cryptocurrency. At present, Shiba Inu has shown that 52% are in a profit situation, 45% have incurred a loss and only three percent have broken even.
