Crypto whales are starting to make moves into meme coins such as Dogecoin and Shiba Inu Once again, the market is returning to its weekend momentum. As a result, both Dogecoin and Shiba Inu saw 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 Surge
According to data from the on-chain data tracking website In the blocklarge transaction volumes in Dogecoin has skyrocketed 49.78% in a single day. The number of large transactions, that is, those worth $100,000 and more, was 1,030 on Sunday. However, on Monday, this figure increased to 1,310.
To put this in dollar terms, the total trading volume is $921.39 million (6.84 billion DOGE) to $1.38 billion (9.91 billion DOGE). DOGE). This increase in volume has not translated into an increase in price, however, as the price of Dogecoin continues to decline below $0.14 at the time of writing.
In the same vein, the Shiba Inu meme room Bitcoin has also seen a notable increase in its large whale transaction volumes, but to an even greater extent compared to DOGE. On Sunday, this figure was only $10.18 million (558.73 billion SHIB), but by Monday, it had increased to $37.57 million (2.14 trillion SHIB).
The total number of transactions also increased by over 100% during this period, going from 30 transactions involving tokens worth $100,000 and above to 75 transactions involving this significant amount. However, much like Dogecoin, this comes as the Shiba Inu price continues to struggle against bear market headwinds.
Activity drops despite whale trading
As whale trading volumes are up for both Dogecoin and Shiba InuAnother major indicator that saw declines was daily active addresses. This suggests that whale sentiment has not yet pervaded the entire investor base as activity remains subdued.
Data from IntoTheBlock shows that Dogecoin’s daily active addresses have dropped by 3.29% over a one-day period, bringing it down to just 44,100 active addresses for the day. Once again, Shiba Inu has fallen to a greater extentnoting a 17.71% drop in the number of daily active addresses, bringing it to 3,590 addresses.
For profitability, both Dogecoin and Shiba Inu continue to see a good number of their holders make profits. However, Dogecoin remains in the lead with 78% of all holders in profit, 18% in losses, and 3% at breakeven. Meanwhile, Shiba Inu sees 52% of all holders in profit, 45% in losses, and 3% at breakeven.
Featured image created with Dall.E, chart by Tradingview.com
