Dogecoin (DOGE) and Shiba Inu (SHIB), both meme coins, had unusually significant whale activity in the 24 hours before Tuesday.
A boom in the meme coin market due to whale activity
According to IntoTheBlock, Dogecoin processed 1,262 large transactions or transfers worth at least $100,000 during the day. Compared to yesterday, this means an increase of 400 percent. Large transactions, reflecting an increase of 414% compared to the previous day, amounted to 144 in the previous 24 hours.
The trading volume of both meme coins increased significantly compared to the previous day, but the increase in the daily trading volume of DOGE significantly exceeded the growth of SHIB. In the cryptocurrency markets, DOGE whales have been extremely active over the previous 24 hours, as evidenced by transactions completed during this time period. The total trading volume of SHIB was $1.1 billion, while the trading volume of DOGE at the time of writing was more than $6 billion, which is 926% more.
Increased appetite of whales may be related to news on Twitter
As we showed in the Somagnews analysis, DOGE whales (over $100,000 in DOGE) have sold over 2,400 DOGE in the last 24 hours. According to statistics provided by IntoTheBlock, “the volume of transactions increased 6 times in 24 hours, reaching a 3-week high of $3.13 billion.”
Investors of meme coins quickly get excited
The impact of the latest news on the price proves this. Dogecoin became the 10th largest cryptocurrency by market capitalization, overtaking Avalanche. The excitement around the Doge flares up when the whales also become active. According to on-chain metrics, about 200 transactions worth more than $1 million were made on April 25, and 63 more were made during the day. Although this is higher than what has been recorded in recent days, it is still far from the number of transactions observed in December 2021 and January 2022.
Finally, although the Shiba Inu (SHIB) is admittedly reacting rather slowly, at the time of writing it is trading at $0.0002361 after rising 7.42% over the past 24 hours.
