Dogecoin, Shiba Inu Whales Move Heavy, Dumping Going On?

Data shows that Dogecoin and Shiba Inu whales moved huge amounts of coins today, a sign that dumping may be underway.

Dogecoin and Shiba Inu Whales Have Transferred Huge Amounts

According to data from the cryptocurrency transaction tracker service whale alertThere have been several large SHIB and DOGE transactions during the past 24 hours.

The first transfers that took place were related to Dogecoin. In total, there were five such massive transactions, and interestingly, they all saw the same amount of coin movement: 680,000,000 DOGE.

Since this amount is quite large (the exact USD cost varied between transactions, but was similar nonetheless; each transfer was worth just under $49 million), it seems reasonable to assume that some sort of whale entity was involved in the ploy. Was behind

Given that all transfers involved the same amount of DOGE and the fact that they all occurred within a span of only 20 minutes, a logical possibility arises: the transactions were made by the same whale investor.

The full details of the Dogecoin transaction also confirm this; The sending and receiving addresses match between five transactions. This means that this single whale moved around $244.7 million worth of DOGE in such a short period of time.

What was the intention of this humble holder with this transfer? Well, below are the details about 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 it was not associated with any known centralized platform. Such addresses are generally the personal wallets of the investors.

In this case the recipient was also an unknown address. Normally, if investors want to sell, they deposit their coins on a platform such as an exchange. In this case, however, the whale did not do so, so it is difficult to say what the exact motive may have been behind the transaction.

It is possible that they were intended only to go to a new wallet, but it is also possible that they were made to be sold through over-the-counter (OTC) deals. Naturally, if the latter case is true, the bearish effect of the price will be felt.

Interestingly, the story of the past transaction of Shiba Inu whales is similar; They also appear to have been created by the same investor. In total, the holder transferred 20,000,000,000,000 SHIB (approximately $174.4 million) in four transactions between unknown wallets.

Looks like this transfer on the Ethereum blockchain cost around $4 | Source: Whale Alert

These Shiba Inu transactions also happened right after the Dogecoin transfer was finished. This is currently uncertain, but the similar pattern and close timing may suggest that these transactions involving the two largest meme coins in the region may be connected.

The property has been struggling lately so it is possible that these whalers have given up on them and decided to sell. Naturally, if these transfers are indeed done for dumping purposes, then the price of meme coins could see a further drop.

doge price

At the time of writing, Dogecoin is trading around $0.0729, having gained 1% in the past week.

DOGE has been moving sideways recently | Source: DOGEUSD on TradingView

Featured image from iStock.com, Chart from TradingView.com