Whales Collect 1 Billion DOGE and Trillions of SHIB, Is the Bull Running Ahead?
In a dynamic crypto environment, significant DOGE and SHIB transactions by crypto whales are attracting the attention of investors worldwide. Recent moves involving large amounts of dogecoin (DOGE) and Shiba Inu (SHIB) have triggered intrigue, reflecting increased confidence in the volatile meme coin segment. Meanwhile, these key transactions gain importance as the broader crypto market experiences bullish momentum.
Whales hoard Dogecoin and shiba inu
Blockchain transaction monitoring platforms Whale Alert and Scopescan recently reported major whale activity related to Dogecoin and Shiba Inu meme coins. According to Whale Alert data, a whale recently transferred a staggering 1 billion DOGE worth $78.85 million from Binance to an unknown wallet. In particular, the wallet address is defined as DU8gP…guBr5.
Simultaneously, another whale accumulated 500 billion SHIB from gate.io, worth $4.73 million, according to Scopescan. It is worth noting that in the past 24 hours, the same whale moved a staggering 1.08 trillion SHIB (approximately $10.27 million) from crypto exchanges such as binance and Gate.io.
In particular, these high-risk transactions show that investors have increased confidence in meme coins, although their volatile nature remains a matter of debate. On the other hand, the bullish momentum recorded in the broader crypto world also reflects the growing interest of investors in the digital asset space.
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Market optimism Amid Spot Bitcoin ETF Speculation
Several analysts attribute the recent gains in the crypto market to growing anticipation regarding potential Spot Bitcoin ETF approval by the SEC this week. Reports suggest that approval could come soon, with trading expected to begin as early as Thursday.
Against the backdrop of the bullish market, investors are closely monitoring developments in the regulatory environment and are acutely aware of the potential impact on various digital assets, including meme coins such as DOGE and SHIB. The influx of capital into these tokens highlights a broader trend of optimism and risk appetite in the crypto space.
However, as of press time, Dogecoin price is trading near the horizontal line after reaching a 24-hour high of $0.08172. Simultaneously, the price of Shiba Inu, another major player in the meme coin segment, increased slightly by 0.62% to $0.000009298 and reached a 24-hour high of $0.000009585.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto reporter at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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