- Dogecoin, the original meme coin, has seen a resurgence in whale activity despite its recent price stagnation.
- Other meme coins like Shiba Inu (SHIB) and Pepe (PEPE) are also experiencing significant trading activity and price movements.
- Noteworthy is the accumulation of over 700 million DOGE by whales, worth approximately $112 million, indicating strong investor interest.
Discover the latest trends in the meme coin market as whales accumulate Dogecoin and other tokens like Shiba Inu and Pepe see significant trading activity. Stay informed with our in-depth analysis.
DOGE Whales Accumulate
Dogecoin’s recent price action has been underwhelming, hovering around $0.158 and experiencing a 4% decline over the past week. However, this has not deterred whale investors. In the past 72 hours alone, over 700 million DOGE, valued at approximately $112 million, have been accumulated by whales. This significant accumulation suggests a strategic move by large investors to capitalize on the current market conditions.
Despite a mixed performance, with a 17% gain over the past month but a decline in the last week, whale activity has surged. Holdings in the 100 million to 1 billion DOGE range have increased notably since May 29, coinciding with a bearish trend reversal. According to crypto analyst Ali Martinez, this accumulation trend is a key indicator of potential recovery in Dogecoin’s market.
Further validation comes from Singapore-based crypto-trading firm QCP Capital, which observed a shift in trader focus towards legacy meme coins like Dogecoin. This trend underscores the enduring appeal of DOGE among large-scale investors.
SHIB and PEPE Chart Rallies
Shiba Inu (SHIB) and Pepe (PEPE) have also been making waves in the crypto market. Over the past two weeks, more than 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges. This surge in activity indicates a heightened interest in trading SHIB, possibly driven by its recent price movements.
Shiba Inu’s layer-2 scaling solution, Shibarium, has achieved significant milestones, including processing over five million blocks since its launch in August last year. The network has handled over 417 million transactions, with the number of wallet addresses exceeding 1.8 million. These developments highlight the growing utility and adoption of SHIB within the crypto ecosystem.
Meanwhile, PEPE has experienced a remarkable rally, gaining almost 130% over the past month. A notable whale investor made nearly $5 million in profit from PEPE within a month, achieving a 52% return on their initial investment. This investor deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet, showcasing the lucrative potential of meme coins.
Conclusion
The recent activities in the meme coin market, particularly the accumulation of Dogecoin by whales and the significant trading volumes of Shiba Inu and Pepe, indicate a robust interest and potential for growth in this sector. As legacy meme coins continue to attract large-scale investors, the market dynamics suggest a promising outlook for these tokens. Investors should keep a close watch on these developments to capitalize on emerging opportunities in the crypto space.
