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.
Santiment.
The $100k transactions on Dogecoin and Shiba Inu increased as the price rose this week. The price fell after the whale transactions reduced.
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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.
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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.
