A team of experts specializing in tracking the movement of major whales or large holders in the cryptocurrency industry, Whales Finder, has issued a warning to the crypto community. They have observed the possibility of significant movements of Dogecoin and Shiba Inu coins by large holders in the crypto market.
Dogecoin: Price And Market AnalysisÂ
According to Whales Finder’s analysis, Dogecoin is currently valued at $0.07383, with a trading volume of $303.63 million over the past 24 hours. In the last 24 hours, the price of Dogecoin has experienced a decrease of 0.58%. Compared to its highest point in the past week, which reached $0.07551, it is now down by 2.22%. Nevertheless, it remains 6.23% higher than its lowest point in the past week, which was $0.0695.
Shiba Inu: Price And Market AnalysisÂ
On the other hand, Shiba Inu is currently priced at $0.0000087, with a trading volume of $100.08 million over the past 24 hours. In the last 24 hours, the price of Shiba Inu has declined by 0.92%. Compared to its highest point in the past week, which reached $0.000009071, it is now down by 4.09%. However, it is still 2.34% higher than its lowest point in the past week, which was $0.000008501.
Potential Market Implications
It is widely known that a significant sell-off of a particular coin by large holders or whales often leads to a sharp decline in its price. Such situations can occur due to various factors, including profit-taking, market manipulation, or changes in market sentiment.
Uncertainty Surrounding Whale Movements
The scale of the predicted whale movement remains unclear at this moment. However, some insights supporting the prediction have been identified upon analyzing the historical behavior of several whales active in the Dogecoin and Shiba Inu platforms.
Also Read: Memecoin Season: Pepe Coin (PEPE) vs Dogecoin (DOGE): Which Will Take The Crown? – Coinpedia Fintech News
Suspicious Transactions Raise Concerns
Recently, the Dogecoin platform witnessed at least five suspected blue whale transactions. According to a report released by Whale Alert, a cryptocurrency transaction tracking service organization, approximately five significant transactions involving Dogecoin took place. These transactions involved a total of 680 million DOGE tokens, with each transfer having a similar value of just under $49 million.
The similarity in transaction value and the fact that all five transactions occurred within 20 minutes strongly suggests the involvement of a large investor, possibly a whale, behind these transactions.
