The two largest meme cryptocurrencies, Dogecoin and Shiba Inu, are currently facing a heavy price correction alongside bitcoin and major altcoin. The retracements come just days after both tokens recorded a notable increase in the market price and capitalization, following the rise in whale activities.
SHIB, DOGE spiked as whale volume surge
The price of Dogecoin increased from $0.071 at the beginning of the week to $0.089 on Tuesday, which accounts for a more than 25% growth. Within the same period, the second popular meme token, Shiba Inu, soared 50% from $0.000012 to $0.000018.
The increase in both tokens coincided with a surge in whale transactions, suggesting that the deep-pocketed investors were responsible for the price rallies, besides other market factors. This is evident following new on-chain data, which shows the prices started dropping as the whale transactions subsided.
Watch the whales
According to recent data shared by cryptocurrency on-chain metrics platform Santiment, both Dogecoin and Shiba Inu whales played the market rally perfectly, exiting at the ideal profit-taking points.
As is often the case, the whales foreshadowed the ideal profit-taking moments when their large transactions exploded on each network.
The $100k transactions on Dogecoin and Shiba Inu increased as the price rose this week. The price fell after the whale transactions reduced.
At the time of writing, both tokens are trading at $0.06942 and $0.00001315, which represent 13.80% and 10.18%, respectively, over the last 24 hours. Consequently, this week’s Dogecoin gain has reversed to a negative 1.66%, while Shiba Inu still holds a positive 6.52% gain.
Losses due to liquidated crypto positions jumped to over $600 million today as bitcoin and other major altcoins plunged. The general crypto cap is now hanging loose around $1.03 trillion, a more than 8% drop in the last 24 hours.