Dogecoin And Shiba Inu Whale Transactions Rise As Crypto Whales Make Moves In Meme Coins

As the market retraces from its weekend surge, Crypto whales are beginning to make moves in meme coins such as Dogecoin and Shiba Inu once again.

Dogecoin and Shiba Inu are seeing a return of interest from crypto whales, but activity remains low despite the large transactions.

What Happened: Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) saw a notable increase in large whale transactions on Sunday and Monday, according to data from on-chain data tracking website IntoTheBlock.

The large transaction volumes in Dogecoin spiked 49.78% in the one day period. The number of large transactions, meaning transactions worth $100,000 and above, were 1,030 on Sunday. However, on Monday, this figure rose to 1,310.

To put this in dollar terms, the total transaction volume increased from $921.39 million (6.84 billion DOGE) to $1.38 billion (9.91 billion DOGE). This spike in the volume has, however, not translated to an increase in the price as the Dogecoin price continues to trend below $0.14 at the time of this writing.

Shiba Inu also saw a large increase in its large whale transaction volumes, but to an even greater extent compared to DOGE. On Sunday, this figure was a mere $10.18 million (558.73 billion SHIB), but by Monday, the figure had risen to $37.57 million (2.14 trillion SHIB).

The total number of transactions also rose over 100% as well during this time frame, going from 30 transactions carrying tokens worth $100,000 and over, to 75 transactions carrying this large amount.

However, both Dogecoin and Shiba Inu saw declines in daily active addresses, a key indicator of activity in the network. Dogecoin daily active addresses fell 3.29% in the one-day period, while Shiba Inu fell 17.71%.

Both Dogecoin and Shiba Inu are still seeing a majority of their holders in profit despite the bear market and extended period of consolidation. Dogecoin has 78% of all holders in profit, while Shiba Inu has 52%.

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