Big Spenders Are Back
It seems like whales are getting back into the meme coin game, with Dogecoin and Shiba Inu seeing a big jump in large transactions. This happened right after the market took a dip from its weekend surge.
Dogecoin: Whale Activity Up, Price Still Down
Dogecoin saw a huge 49.78% increase in large transactions (over $100,000) from Sunday to Monday. The number of these transactions went from 1,030 to 1,310, with a total transaction volume of $1.38 billion. But even with this big whale activity, the price of Dogecoin is still stuck below $0.14.
Shiba Inu: Whales Go Big, But Price Struggles
Shiba Inu saw an even bigger jump in whale transactions, with a whopping 272% increase from Sunday to Monday. The total transaction volume went from $10.18 million to $37.57 million, with the number of transactions rising over 100%. However, like Dogecoin, the price of Shiba Inu is still struggling against the overall market downturn.
Whale Activity Doesn’t Mean Everyone’s Back In
While whales are making big moves, the overall activity in the market is still pretty low. The number of active addresses for both Dogecoin and Shiba Inu has actually gone down. This means that while whales are buying, the average investor isn’t jumping back in just yet.
Profitability Still Looking Good
Despite the recent market dip, a good chunk of Dogecoin and Shiba Inu holders are still in the green. 78% of Dogecoin holders are in profit, while 52% of Shiba Inu holders are in profit.
The Bottom Line
Whales are making their presence known in the meme coin market, but it’s still too early to say if this will lead to a big price surge. The overall market activity is still low, so it remains to be seen if regular investors will follow the whales’ lead.
