- Meme coins like Dogecoin and Shiba Inu are attracting significant attention from crypto whales as the market experiences a pullback from its recent rise.
- Both Dogecoin and Shiba Inu have seen substantial increases in large-scale transactions, indicating heightened activity among major investors.
- IntoTheBlock’s data reveals notable spikes in whale transactions, emphasizing the significant movements despite stagnant price trends.
Crypto whales are making impactful moves in the meme coin market; understand the shifts in Dogecoin and Shiba Inu transactions and what it means for investors.
Surge in Dogecoin and Shiba Inu Whale Transactions
Recent data from on-chain tracking website IntoTheBlock depicts a remarkable uptick in the volume of high-value transactions for both Dogecoin and Shiba Inu. Specifically, Dogecoin observed a 49.78% increase in its large transaction volumes within a 24-hour period. In monetary terms, this represents a jump from $921.39 million (6.84 billion DOGE) on Sunday to an impressive $1.38 billion (9.91 billion DOGE) on Monday.
Exponential Growth in Shiba Inu Transactions
Shiba Inu also experienced a dramatic shift, with transaction volumes soaring from $10.18 million (558.73 billion SHIB) to $37.57 million (2.14 trillion SHIB) over the same period. The number of large transactions, defined as those valued at $100,000 or more, increased from 30 to 75, showcasing a robust interest from major holders.
Market Reaction Amid Bearish Trends
Despite these significant transactions, the market prices of Dogecoin and Shiba Inu have not mirrored the volume growth. Dogecoin’s price remains below $0.14, and Shiba Inu is similarly struggling amidst bearish market conditions. This disparity between transaction volumes and price indicates that while whales are active, the broader market sentiment remains cautious.
Decline in Daily Active Addresses
Interestingly, while whale activities have surged, the daily active addresses metric paints a different picture. Dogecoin’s active addresses fell by 3.29%, reaching just 44,100 active addresses. Shiba Inu saw an even more pronounced decline of 17.71%, dropping to 3,590 active addresses. This suggests that the wider investor community has yet to respond to the increased whale transactions.
Profitability Metrics for Dogecoin and Shiba Inu
Despite the mixed activity data, both Dogecoin and Shiba Inu continue to show strong profitability for their holders. Dogecoin boasts 78% of its holders in profit, with only 18% at a loss and 3% at breakeven. Shiba Inu, while lower, still has 52% of its holders in profit, 45% in losses, and 3% at breakeven. These metrics highlight sustained investor optimism even amidst fluctuating market dynamics.
Conclusion
The resurgence in whale transactions for Dogecoin and Shiba Inu underscores the dynamic nature of the cryptocurrency market. While major investors are making significant moves, the overall enthusiasm among smaller investors remains subdued, as reflected in the declining active addresses. Nevertheless, profitability metrics indicate that both coins still hold substantial value potential for their holders, suggesting a complex but optimistic outlook for these popular meme coins.
