Whales are big investors who move massive amounts of coins/tokens. While the cryptocurrency market was under the control of sellers in May, this class of investors has accumulated in various meme and metaverse coin projects. According to the latest data, the focus of whales is on SHIB, DOGE and several Web3 projects.
ShibDoge surpasses Shiba Inu
During the collapse of the cryptocurrency market, we saw some whales buying massive amounts of meme coins. Surprisingly, despite all the negative price movements, whales are buying SHIB, ShibDoge and Dogecoin. The Shiba Inu (SHIB), the second largest hodl among whales, was released today by ShibDoge. The ShibDoge is temporary in dollar value now ahead of the Shiba Inu.
Shiba Inu (SHIB) sees boom in whale activity
Since the release of the Shibarium upgrade at the end of June, whales’ appetite for Shiba has increased. The release of the SHI stablecoin and TREAT reward token by leading Shiba Inu developer Shytoshi Kusama contributed to the positive trend this month.
However, according to today’s data from WhaleStats, ShibDoge has overtaken Shiba in dollar terms. Thus, it surpassed the Shiba Inu (SHIB) among the top 100 ETH whales. A few hours later, SHIB managed to briefly reclaim the top spot in the largest Ethereum whale wallets. Shiba Inu is a typical whale token on the Ethereum network. In the ranking of the largest dollar position, SHIB and FTT are usually first.
Whale purchases raise ShibDoge’s price by 23%
Among the ETH whales, the Shiba Inu currently holds the largest position at $568.82 million. ShibDoge is second with a total of $433.23 million. Despite being a small meme coin, whales are interested in ShibDoge because of its burning and NFT projects.
SHIB price is up around 5% at the time of writing. On the strength of higher trading volumes, it is currently trading solidly at $0.000010. However, the price of ShibDoge has gained 23% in the last 24 hours as a result of the whale purchase. It currently holds this momentum around 6%.
Additionally, BSC whales just made a significant purchase of Dogecoin (DOGE). Elon Musk’s reiterated support for Dogecoin, which caused prices to rise 40% in a week, ignited the rally. “Martian Manhunter,” a BNB whale, purchased 18,800,433 DOGE on June 4.
What metaverse coin projects are whales collecting?
Since the start of July, the whales have been dealing with Polygon’s MATIC. Polygon made the headlines, as reported by Sandbox. Other popular tokens this month are Uniswap (UNI), AAVE and FTX Token (FTT).
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