Dogecoin (DOGE) and Shiba Inu (SHIB), both meme coins, had unusually significant whale activity in the 24 hours through Tuesday.
Meme coin market booming in whale activity
According to IntoTheBlock data, Dogecoin processed 1,262 large transactions or a minimum of $100,000 worth of transfers during the day. Compared to yesterday, this means an increase of 400 percent. High value transactions, reflecting a 414% increase over the previous day, totaled 144 in the previous 24 hours.
Trading volume for both meme coins increased significantly compared to the previous day, but DOGE’s daily trading volume gain far outstripped SHIB’s increase. In the cryptocurrency markets, DOGE whales have been extremely active for the previous 24 hours, as evidenced by the transactions executed during this time frame. A total of $1.1 billion in trading volume was recorded for SHIB, while DOGE’s trading volume was over $6 billion at the time of writing, a massive 926 percent increase.
Whales’ increased appetite may be due to Twitter news
DOGE whales (those with more than $100,000 in DOGE) have traded over 2,400 DOGEs in the last 24 hours, as we covered in the cryptokoin.com analysis. According to statistics provided by IntoTheBlock, “transaction volume increased 6x in 24 hours, reaching a 3-week high of $3.13 billion”.
Meme coin investors are quick to get excited
The effect of the latest news on the price proves. Dogecoin became the 10th largest cryptocurrency by market cap, surpassing Avalanche. The hype around the Doge is ignited as the whales also become active. According to on-chain metrics, there were close to 200 transactions worth over $1 million on April 25, with 63 more for the day. While this is above what has been recorded in recent days, it is still a long way off from the transaction numbers seen in December 2021 and January 2022.
In addition, the Bollinger Bands began to diverge, indicating that volatility is on the way.
Finally, while the Shiba Inu (SHIB) has admittedly been quite slow to respond, after rallying 7.42% in the last 24 hours, it’s currently trading at $0.00002361 at the time of writing.
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