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.
#DOGE is up 16%.
— unusual_whales (@unusual_whales) April 25, 2022
The whales are buying #dogecoin: 77%.https://t.co/cq5S19TUlD pic.twitter.com/Alz3ZZudbP
$DOGE is reacting to the possible acquisition of Twitter by @elonmusk.
— IntoTheBlock (@intotheblock) April 25, 2022
The volume in perpetual swaps has increased by 6x in 24hours, reaching a 3 week high of $3.13b.https://t.co/NMXSghztXu pic.twitter.com/iyhXSBFoL0
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.
without looking at a chart, buying doge at $0.15 after musk just bought twitter feels like no-brainer.
— gainzy (@gainzxbt) April 26, 2022
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.
