4 months ago
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Crypto whales are beginning to make moves in meme coins such as Dogecoin and Shiba Inu once again as the market retraces from its weekend surge. As a result of this, Dogecoin and Shiba Inu saw a notable spikes in their large whale transactions between Sunday and Monday, with the latter seeing a particularly large increase in whale transactions.
Dogecoin And Shiba Inu Whale Transactions Rise
According to data from the on-chain data tracking website IntoTheBlock, the large transaction volumes in Dogecoin spiked 49.78% in the one day period. The number of large transactions, meaning transactions worth $100,00 and above, were 1,030 on Sunday. However, on Monday, this figure rose to 1,310.
To put this in dollar terms, the total transaction volume $921.39 million (6.84 billion DOGE) to $1.38 billion (9.91 billion DOGE). This spike in the volume has, however, not translated to an increase in the price as the Dogecoin price continues to trend below $0.14 at the time of this writing.
In the same vein, the Shiba Inu meme coin has also seen a notable surge in its large whale transaction volumes, but to an even greater extent compared to DOGE. On Sunday, this figure was a mere $10.18 million (558.73 billion SHIB), but by Monday, the figure had risen to $37.57 million (2.14 trillion SHIB).
Source: IntoTheBlock
The total number of transactions rose over 100% as well during this time frame, going from 30 transactions carrying tokens worth $100,000 and over, to 75 transactions carrying this large amount. However, just like Dogecoin, this is coming as the Shiba Inu price continues to struggle against the bearish market headwinds.
Activity Falls Despite Whale Transactions
While the whale transaction volumes have been on the rise for both Dogecoin and Shiba Inu, another major metric has been suffering declines, and this is the daily active addresses. This suggests that the whale sentiment is yet to wash over the entire investor base as activity remains muted.
IntoTheBlock data shows that the Dogecoin daily active addresses fell 3.29% in the one-day period, bringing it down to only 44,100 active addresses for the day. Once again, Shiba Inu fell to a larger degree, seeing a 17.71% decline in the daily active addresses and bringing it down to 3,590 addresses.
For profitability, both Dogecoin and Shiba Inu are still seeing a good number of their holders in profit. However, Dogecoin remains in the lead with 78% of all holders in profit, 18% in losses, and 3% at breakeven. Meanwhile, Shiba Inu is seeing 52% of all holders in profit, 45% in losses, and 3% at breakeven.
Featured image created with Dall.E, chart from Tradingview.com
