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Benzinga
Benzinga
Business
Samyuktha Sriram

Dogecoin And Shiba Inu See 400% Surge In Large Transactions

SHIB DOGE Dogecoin Elon Musk

Whale activity in meme coins Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) was exceptionally high over the 24 hours leading up to Tuesday.

What Happened: According to data from IntoTheBlock, DOGE saw 1,262 large transactions, or transfers with a minimum value of $100,000, over the last day. This represents a 400% increase over the previous day.

See Also: HOW TO BUY DOGECOIN (DOGE)

Rival meme coin SHIB recorded 144 high-value transfers, representing a 414% increase over the last 24 hours.

 

Both coins saw significant increases in trading volume over the last day, however, DOGE’s uptick in daily trading volume outpaced SHIB by a considerable margin.

 

SHIB’s trading volume was up 118% at $1.1 billion at the time of writing, while DOGE’s trading volume was up a whopping 926% and exceeded $6 billion.

 

Large DOGE traders were particularly active in cryptocurrency derivates markets, evidenced by the high volumes of perpetual swaps traded over the last 24 hours.

See Also: Dogecoin Sees $20M Liquidations As Price Rallies To $0.17

Market participants largely attributed DOGE’s rally to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s acquisition of Twitter Inc (NYSE:TWTR).

 

Musk is known to be an avid supporter of DOGE leading some traders to the conclusion that buying into the meme coin is a “no-brainer” at these levels.

 

Price Action: According to data from Benzinga Pro, DOGE was trading at $0.15, up 26% over the last 24 hours. SHIB was trading at $0.00002418, up 7.52% over the same period.

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