Data shows the Dogecoin and Shiba Inu whales have moved around massive of coins amounts today, a sign that dumping may be going on.
Dogecoin And Shiba Inu Whales Have Transferred Huge Amounts
According to data from the cryptocurrency transaction tracker service Whale Alert, several large SHIB and DOGE transactions have occurred during the last 24 hours.
The first transfers that took place were those involving Dogecoin. In total, there were five such massive transactions, and interestingly, all of them saw the movement of the same amount of tokens: 680,000,000 DOGE.
As this amount is quite large (the exact USD cost differs between the transactions, but it was still similar nonetheless; the transfers were worth just under $49 million each), it seems reasonable to assume that some sort of whale entities were behind the moves.
Considering that the transfers all involved the same amount of DOGE and the fact that they all took place within a span of just 20 mins, a logical possibility arises: the transactions were made by the same whale investor.
The full details of the Dogecoin transactions also confirm this; the sending and receiving addresses match up between the five transactions. This means that this single whale moved around $244.7 million worth of DOGE in such a short span of time.
What did this humongous holder intend to do with this transfer? Well, below are the details regarding the first of these transactions, which may help shed some light on the context surrounding these transfers.
This massive transaction seems to have only taken a fee of 2.4960 DOGE to go through | Source: Whale Alert
As you can see above, the sending address here was an unknown wallet, meaning that it was unattached to any known centralized platform. Such addresses are generally investors’ personal wallets.
The receiver, too, was an unknown address in this case. Generally, if investors want to sell, they deposit their coins to platforms like exchanges. In this case, however, the whale hasn’t done so, so it’s hard to say what the exact purpose behind the transactions may have been.
It’s possible that they were simply done with the intent of moving to a fresh wallet, but it’s also possible that they were made to sell through over-the-counter (OTC) deals. Naturally, if the latter case is true, the price would feel a bearish effect.
Interestingly, the Shiba Inu whale transactions from the past day have a similar story; they also seem to have been made by a single investor. In total, the holder moved 20,000,000,000,000 SHIB (about $174.4 million) across four transactions between unknown wallets.
Looks like this transfer on the Ethereum blockchain cost around $4 | Source: Whale Alert
These Shiba Inu transactions also occurred right after the Dogecoin transfers were finished. It’s uncertain currently, but the similar pattern and the close timing may suggest that these transactions involving the two largest meme coins in the sector may have been linked.
The assets have been struggling recently so it’s possible that these whales have given up on them and have decided to sell. Naturally, if these transfers really have been made for dumping purposes, the prices of the meme coins may see a further decline.
At the time of writing, Dogecoin is trading around $0.0729, up 1% in the last week.
DOGE has been moving sideways recently | Source: DOGEUSD on TradingView