Dogecoin And Shiba Inu Whale Transactions Spike Despite Drop In Activity

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and trends. And based on my analysis of the latest data from IntoTheBlock regarding Dogecoin and Shiba Inu whale transactions, I can’t help but feel a sense of déjà vu.

Large crypto investors, or “whales,” are once again active in the meme coin market, specifically in Dogecoin and Shiba Inu. This renewed interest has led to an uptick in significant transactions for these coins between last Sunday and Monday. Notably, Shiba Inu experienced a substantial rise in large whale transactions during this period.

Dogecoin And Shiba Inu Whale Transactions Rise

Based on information from IntoTheBlock’s on-chain data analysis, there was a significant increase of 49.78% in large Dogecoin transactions within a day. Specifically, there were 1,030 such transactions worth $100,000 or more on Sunday. In contrast, this number surged to 1,310 on Monday.

In monetary terms, the transaction value ranged from $921.39 million to $1.38 billion, equivalent to approximately 6.84 billion to 9.91 billion DOGE coins. Despite this significant increase in trading activity, the price of Dogecoin remains below $0.14.

Just like DOGE, the Shiba Inu meme coin has experienced a significant increase in large transactions among its whales. However, this growth has been more pronounced for SHIB than DOGE. For instance, on Sunday, the transaction volume for large whale transfers amounted to $10.18 million or 558.73 billion SHIB. In contrast, by Monday, this figure had skyrocketed to $37.57 million or 2.14 trillion SHIB.

Dogecoin And Shiba Inu Whale Transactions Spike Despite Drop In Activity

During this time period, there was a significant increase of more than 100% in the overall transaction count. This shift saw a rise from 30 transactions involving tokens valued at $100,000 and above, to a total of 75 such transactions. Yet, similarly to Dogecoin, this surge occurs as Shiba Inu grapples with the challenging market conditions that are currently bearish.

Activity Falls Despite Whale Transactions

The number of whale-sized transactions for Dogecoin and Shiba Inu has increased significantly. However, a concerning trend emerges when looking at the daily active addresses. Instead of growing along with the whale transaction volumes, this metric has been declining. This observation implies that the investing public has not yet fully adopted the sentiment of these large investors, suggesting a subdued level of overall activity.

The data from IntoTheBlock reveals that the number of daily active Dogecoin addresses decreased by 3.29%, amounting to 44,100 addresses on that particular day. In contrast, Shiba Inu experienced a more significant drop of 17.71%, resulting in just 3,590 daily active addresses.

When it comes to financial gain, a significant portion of Dogecoin and Shiba Inu investors are currently experiencing profits. However, it’s important to note that Dogecoin outperforms Shiba Inu in this regard, as approximately 78% of Dogecoin holders have made a profit compared to 52% of Shiba Inu investors. Conversely, 18% of Dogecoin investors have suffered losses, while the same is true for 45% of Shiba Inu holders. The remaining 3% of investors in both cryptocurrencies are at breakeven.

Dogecoin And Shiba Inu Whale Transactions Spike Despite Drop In Activity

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2024-07-25 07:11