A team of experts specializing in tracking the movement of large 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 major holders in the crypto market.
Dogecoin: price and market analysis
According to Whales Finder’s analysis, Dogecoin is currently valued at $0.07383, with a trading volume of $303.63 million in the last 24 hours. In the past 24 hours, the price of Dogecoin is down 0.58%. Compared to last week’s high, which reached $0.07551, it is now down 2.22%. Nevertheless, it remains 6.23% higher than last week’s low of $0.0695.
Shiba Inu: price and market analysis
On the other hand, Shiba Inu is currently priced at $0.0000087, with a trading volume of $100.08 million in the last 24 hours. In the past 24 hours, the price of Shiba Inu is down 0.92%. Compared to last week’s high, which reached $0.000009071, it is now down 4.09%. However, it is still 2.34% higher than last week’s low, which was $0.000008501.
Potential market implications
It is well known that a significant sell-off of a particular coin by major holders or whales often leads to a sharp drop in price. Such situations can arise due to a variety of factors including profit taking, market manipulation or changes in market sentiment.
Uncertainty surrounding whale movements
The magnitude of the predicted whale movement remains unclear at this time. However, some insights supporting the prediction have been identified when analyzing the historical behavior of several whales active on the Dogecoin and Shiba Inu platforms.
Also Read: Memecoin Season: Pepe Coin (PEPE) vs Dogecoin (DOGE): Which One Takes the Crown? – Coinpedia Fintech News
Suspicious transactions are cause for concern
Recently, the Dogecoin platform witnessed at least five suspicious blue whale transactions. According to a report released by Whale Alert, a cryptocurrency transaction tracking organization, about five major transactions involving Dogecoin took place. These transactions involved a total of 680 million DOGE tokens, with each transfer having a comparable value of just under $49 million.
The similarity in transaction value and the fact that all five transactions took place within 20 minutes strongly suggests that a major investor, possibly a whale, was behind these transactions.
