Whale transactions involving millions of Shiba Inu (SHIB) and Dogecoin (DOGE) meme coins were observed today. According to Whale Alert, four transactions moved 5 trillion SHIB worth $43,615,000 each, totaling 20 trillion SHIB tokens worth $175 million. This whale has now become the 5th largest SHIB holder. Simultaneously, five transactions moved 680 billion DOGE, each worth over $48 million, amounting to 3.4 billion DOGE tokens worth almost $250 million, making the whale the 5th largest DOGE holder.
On-chain data from Lookonchain revealed a likely connection between the Shiba Inu and Dogecoin transactions, suggesting that the new 5th largest SHIB holder and 5th largest DOGE holder might be the same person. According to Lookonchain, these transactions could be performed by Jump Trading or a partner of Jump Trading. However, it has been reported that one of the addresses involved in the transactions is the cold wallet of Robinhood, with another possibly being another wallet of Robinhood.
As a result of these whale transactions, DOGE’s price jumped 2% within the last 24 hours, with its current trading price at $0.073. The 24-hour low and high are $0.071 and $0.074, respectively, and the trading volume has increased slightly, indicating a rise in trader interest. On the other hand, SHIB’s price movement remains sideways this week, with a 1% drop within the last 24 hours and a current trading price of $0.0000087.
The involvement of large players, such as Jump Trading or Robinhood, in these transactions can be seen as a reflection of growing interest in meme coins like SHIB and DOGE. However, caution should be exercised when dealing with these highly volatile cryptocurrencies, and it is crucial to assess market conditions before making any investment decisions. The increased interest in these assets could potentially drive mainstream adoption, but along with that comes heightened scrutiny from regulators.
In summary, the Shiba Inu and Dogecoin whale transactions have sparked renewed interest in these meme coins, elevating their prices and trading volumes. A potential connection between these two cryptocurrencies’ largest holders highlights the influence that certain market participants can wield over digital asset prices. It is worth keeping an eye on these meme coins as they continue to make waves in the crypto world. Remember, proper market analysis and cautious investment should always be the primary considerations when contemplating putting money into such assets.
Source: Coingape
