On May 17, it was observed that large-scale whale transactions were executed involving Shiba Inu and Dogecoin meme coins. Whale Alert reported four transactions involving the transfer of 5 trillion SHIB tokens. The whale behind these transactions moved 20 trillion SHIB tokens worth $175 million. This whale has become the fifth-largest holder of SHIB tokens.
Whale Alert reported five transactions involving 680 billion DOGE tokens, valued at $48 million per transaction. These transactions originated from a singular wallet address. Consequently, this whale transferred a total of 3.4 billion DOGE tokens, which equates to an approximate value of $250 million. As a result, the whale has acquired the position as the fifth-largest holder of DOGE tokens.
A tweet by Lookonchain on May 17 presented new on-chain data, unveiling a fascinating connection between transactions involving Shiba Inu and Dogecoin. The findings suggest that the individual holding the fifth largest amount of SHIB and the fifth largest amount of DOGE is probably the same person.
Lookonchain has claimed that either Jump Trading or one of its associates executed these transactions. A wallet address identified as “0x73AF” moved 20 trillion SHIB, equivalent to $176 million, in four separate transactions to “0x40B3,” making them the fifth largest holder of Shiba Inu. Meanwhile, another wallet address, “DDuXGM,” moved 3.4 billion DOGE, worth $248 million, across five transactions to “DEgDEF,” resulting in them becoming the fifth largest holder of Dogecoin.
The wallet address “0x73AF” obtained 310K ETH, amounting to $563 million, from Jump Trading’s wallets “0x0716” and “0xeA3e.” These wallets could either belong to Jump Trading internally or to one of Jump Trading’s partners.
SHIB and DOGE Price Movement
In significant whale activity, it is noteworthy that both SHIB and DOGE have encountered a recent decline in their market performance. Both cryptocurrencies have witnessed a decrease in value of approximately 20%, a pattern also evident in the broader crypto market. Nevertheless, the bold actions taken by this entity indicate a confident and strategic approach to investing in cryptocurrencies, despite the associated risks.
Over the past 24 hours, the price of DOGE has experienced a 2% surge, reaching a current trading value of $0.073. The lowest and highest points within the 24 hours were recorded at $0.071 and $0.074, respectively. Additionally, there has been a slight rise in trading volume during this time, suggesting a growing interest among traders.
Meanwhile, the price of SHIB has remained relatively stable throughout this week, displaying a sideways movement. It has experienced a 1% decrease in the past 24 hours, and its current trading value is $0.0000087.
Related Reading: | Bitcoin Dominates Weekly Outflows: Digital Assets See $54M Withdrawn, $38M From BTC |
