The market indicators regarding meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) show interesting changes. Data from the crypto analytics platform IntoTheBlock indicates a significant difference in whale activity for SHIB and DOGE.
Shiba whales guide the direction for DOGE. According to data, SHIB whale transactions surged over 261% in 24 hours. For Dogecoin, this was only a 4.58% increase. As a reference, in this context, whale transactions involve any active transfer worth at least $100,000.
Although DOGE's trading volume of $1.29 billion dwarfs Shiba Inu's actual value of $39.6 million, the significant increase in growth rate indicates that, overall, more investors are showing interest in SHIB. This whale-like growth could trigger an important recovery in the future, especially as other growth indicators are currently declining. As previously reported by U.Today, Shiba Inu did not see any SHIB sent to burn wallets within 24 hours. This highlights that the broader Shiba Inu ecosystem is cooling down after a significant rise last week.
With the buying spree of SHIB whales, a large amount of SHIB has been vacuumed off the open market. This is crucial for helping to build momentum for the meme coin – enough to drive prices up. Where is Shiba Inu now? At the time of writing, Shiba Inu's price is gently rebounding, although it's somewhat better than earlier in the day. The token has risen 3.73% to $0.00001689. As the price rebounds, Shiba Inu has begun to cut down on losses from the past week, indicating a potential rebound in the future.
