SHIB and Dogecoin whales have become active as both meme coins are rising in price
Whale Alert tracking service has reported that whales have largely outperformed major meme coins by market cap Dogecoin and Shiba Inu in the past 10 hours. Here’s why these can be a sell-to-sell transaction.
1 trillion SHIB, half billion DOGE on move
A major data platform that traces large crypto transactions has spotted two astounding amounts of meme crypto transferred over the past 10 hours.
Thus, Anon Whale has transferred 1,060,594,914,048 SHIB and 449,999,998 Dogecoin from the anonymous wallet.
The whopping trillion Shib tokens were sent to the Coinbase exchange, most likely to be sold.
Part of DOGE was moved between anonymous wallets.
DOGE and SHIB prices rise
Over the past 24 hours, the leading canine token, DOGE, has surged by more than 9%, remaining in the top 10 list of digital assets, according to the CoinMarketCap scale.
The Sentiment Analytics Agency believes that there are two reasons for this increase – whale transactions and a significant increase in funding rates. These are both “great predictors” of the direction in which the price is headed.
Besides, a strong catalyst of both DOGE and SHIB price rises (Shiba Inu went up nearly 5%) has been the decision of Elon Musk to resume his purchase deal with Twitter.
Musk wants to buy Twitter, DOGE and SHIB spike again
Earlier this year, when Musk first offered to buy Twitter for $44 billion in cash, he shared that he was considering implementing DOGE payments on Twitter if he was successful in buying it.
A while after the Twitter Board agreed to sell to Musk, the centibillionaire suddenly reversed and withdrew from the deal. The reason for that, according to Musk, was that Twitter did not provide accurate data on the amount of bots among Twitter users, which Tesla chief believed to be the majority.
Twitter sued Elon in response to that pivot; However, now, Musk has decided to go back to close the deal with the social media giant.
