Bitrabo Editorial
Despite a recent market dip, crypto whales are once again active in meme coins like Dogecoin and Shiba Inu. Both coins experienced a significant increase in whale transactions between Sunday and Monday, with Shiba Inu showing a particularly strong surge.
Whale Transactions on the Rise
Data from the on-chain tracking site IntoTheBlock reveals a 49.78% spike in large transactions for Dogecoin within a day. The number of transactions worth $100,000 and above jumped from 1,030 on Sunday to 1,310 on Monday.
The total transaction volume surged from $921.39 million to $1.38 billion. Despite this increase, the price of Dogecoin continues to hover below $0.14.
Similarly, Shiba Inu witnessed a significant rise in whale transactions. The volume increased from $10.18 million to $37.57 million within the same timeframe.
The number of transactions also more than doubled, going from 30 to 75 transactions involving large amounts. However, just like Dogecoin, Shiba Inu is facing challenges amidst the current bearish market conditions.
Decline in Activity Despite Whale Transactions
While whale transactions are on the rise, daily active addresses for both Dogecoin and Shiba Inu have been declining. This indicates that the enthusiasm among whales has not yet spread to the broader investor community.
Data suggests a 3.29% drop in daily active addresses for Dogecoin and a more significant 17.71% decrease for Shiba Inu. Despite this, a considerable number of holders in both coins are still in a profitable position.
Dogecoin remains ahead, with 78% of holders in profit, while Shiba Inu shows 52%. The figures for losses and breakeven positions vary between the two coins.