Whales Accumulate 1 Bln DOGE & Trillions Of SHIB, Bull Run Ahead?

In a dynamic crypto landscape, significant DOGE and SHIB transactions by crypto whales are catching the attention of investors worldwide. Recent moves involving large quantities of Dogecoin (DOGE) and Shiba Inu (SHIB) have spurred intrigue, reflecting a surge in confidence within the volatile meme coin segment. Meanwhile, as the broader crypto market experiences a bullish momentum, these substantial transactions are gaining prominence.

Whales Accumulates Dogecoin & Shiba Inu Raising Eyebrows

Blockchain transaction tracking platforms, Whale Alert and Scopescan have reported major whale activity related to the meme coins Dogecoin and Shiba Inu recently. A whale recently transferred a staggering 1 billion DOGE, valued at $78.85 million, from Binance to an unknown wallet, Whale Alert data showed. Notably, the wallet address is identified as DU8gP…guBr5.

Simultaneously, another whale, as per Scopescan, accumulated 500 billion SHIB, worth $4.73 million, from Gate.io. It’s worth noting that over the past 24 hours, this same whale moved a staggering 1.08 trillion SHIB, approximately $10.27 million, from crypto exchanges like Binance and Gate.io.

Notably, these high-stakes transactions suggest growing investor confidence in meme coins, even as their volatile nature remains a topic of discussion. On the other hand, the bullish momentum, noted in the broader crypto landscape, also reflects the soaring interests of traders in the digital asset space.

Also Read: BlackRock And VanEck Files Updated S-1 For Spot Bitcoin ETF Approval

Market Optimism Amid Spot Bitcoin ETF Speculation

Several analysts attribute the recent crypto market gains to mounting anticipation over a potential Spot Bitcoin ETF approval by the SEC this week. Reports suggest that approval may be imminent, with trading expected to commence as early as Thursday.

Against the backdrop of a bullish market, investors are closely monitoring developments in the regulatory landscape, keenly aware of the potential impact on various digital assets, including meme coins like DOGE and SHIB. The influx of capital into these tokens highlights a broader trend of optimism and risk appetite in the crypto space.

However, as of writing, the Dogecoin price traded near the flatline, after hitting a 24-hour high of $0.08172. Simultaneously, another key player in the meme coin segment, the Shiba Inu price noted slight gains of 0.62% to $0.000009298 and touched a 24-hour high of $0.000009585.

Also Read: Solana’s Developer Retention Rate Soars 50% In 3 Months

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.