As an experienced analyst in the crypto market, I’ve seen my fair share of trends come and go. And while meme coins like Dogecoin, Shiba Inu, and Pepe have been popular for quite some time now, their price action and investor sentiment can be erratic at best.
Meme coins have gained significant popularity lately, but Dogecoin, the original meme coin, has been rather subdued. The value of Dogecoin has fallen short at around $0.158, representing a nearly 4% decrease in value over the previous week.
In contrast to this development, whales have purchased over 700 million DOGE within the last 72 hours. The value of their accumulated holdings stands at approximately $112 million based on the present price of $0.16 per DOGE.
DOGE Whales Accumulate
As a researcher studying Dogecoin’s market trends, I have observed some fluctuating patterns in its performance. Over the past month, there was a noteworthy increase of approximately 17%, which is quite impressive. However, over the last week, Dogecoin experienced a decline. To be more specific, it dropped by around 0.5% within the last day.
Large-scale cryptocurrency investors, or “whales,” capitalized on market instability by significantly increasing their holdings between May 29 and the present. This surge in acquisitions came during a bearish trend reversal, making the ongoing recovery trend noteworthy. As per crypto analyst Ali Martinez’s recent assessment, these whales have amassed over $112 million in assets.
As a researcher studying trends in the cryptocurrency market, I’ve come across compelling evidence supporting the notion that the accumulation trend is gaining momentum. This notion was reinforced by the observations of QCP Capital, a reputable crypto-trading firm based in Singapore. According to their findings, traders have recently started showing increased interest in legacy meme coins.
Among other meme coins apart from Dogecoin, Shiba Inu (SHIBA) and Pepe (PEPE) have drawn considerable notice, recording double-digit percentage increases ranging from 10% to 20%. The heightened trading activity surrounding these tokens is evidenced by their inclusion among the top 10 in Open Interest.
SHIB and PEPE Chart Rallies
Over the past fortnight, more than 4 trillion SHIB tokens, worth around $103 million, have been shifted to cryptocurrency exchanges. This mass transfer signifies heightened trading action and could be a sign that investors are positioning themselves to profit from SHIB’s latest price fluctuations.
Since its debut in August the previous year, Shiba Inu’s layer-2 scaling solution, Shibarium, has reached a notable achievement by processing more than five million blocks, totaling over 417 million transactions. Additionally, the network now supports over 1.8 million unique wallet addresses.
Recently, PEPE has experienced significant growth, surging by around 130% within the past month. An astute investor, often referred to as a “whale,” reaped a substantial profit of nearly $5 million from their PEPE token holdings during this period, representing a impressive 52% return on their initial investment. This gain was realized despite a brief price dip of over 17% from PEPE’s all-time high. The whale then transferred the entire 660.7 billion PEPE tokens, valued at $9.52 million, into a Binance digital wallet.
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2024-05-31 22:00