Crypto Whales Move $60 Million in Dogecoin and Shiba Inu
• Crypto whales transferred nearly $60 million worth of top memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) over 24 hours.
• The largest single transaction involved an unknown wallet sending 360 million DOGE worth more than $21 million to another unknown wallet.
• Retail trading giant Robinhood was also involved in large memecoin transactions, transferring $6.2 million worth of DOGE from its wallet to an unknown address.
Dogecoin Transaction Details
The largest single transaction involving Dogecoin (DOGE) involved an unknown wallet sending 360 million DOGE worth more than $21 million to another unknown wallet, according to the blockchain tracker Whale Alert. Additionally, retail trading giant Robinhood was involved in large memecoin transactions, transferring 101,224,068 DOGE worth more than $6.2 million from its wallet to an unknown address and 204,977,642 DOGE worth more than $12.6 million from an unknown address to its own wallet. At time of writing, Robinhood’s wallet is the second-richest Dogecoin address in the world with a total value of nearly $670 million at time of writing – 7.72% of the token’s circulating supply as per BitInfoCharts data.
Shiba Inu Transaction Details
Whale Alert also notes that the crypto trading firm Jump Trading transferred 1 trillion SHIB tokens (worth nearly $7 million) to an unknown address during this period. SHIB tokens are currently trading at around 0.000007 USD each as per CoinMarketCap data – up 2.20% over the last 24 hours as per CoinGecko data .
Implications for Market
The massive transfers could have significant implications for both markets given that these two coins have been experiencing high levels of volatility lately due to their popularity among retail investors and traders alike – especially during late May 2021 when both tokens surged significantly following Elon Musk’s tweets about them on Twitter .
Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets as losses incurred are their responsibility alone – The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets nor is it an investment advisor .