Is meme-coin season coming soon? This kind of scenario is not impossible. While Shiba Inu supporters are expecting an update to the network, through the launch of Shibarium, Dogecoin whales are making significant moves.
Shiba Inu (SHIB) and Dogecoin (DOGE) with increased activity
Just a week ago, we reported on the extraordinary movements registered in the Shiba Inu (SHIB) network. The number of token holders, over the past few weeks, has been growing rapidly. This is undoubtedly related to the anticipation of the launch of the second-tier solution, called Shiabrium. You can read more about this in the article titled “On-chain data records sharp increase in number of Shiba Inu holders. Is it related to the upcoming Shibarium?”.
Meanwhile, Dogecoin (DOGE), which in turn is reporting increased whale activity, is becoming equally interesting. According to data provided by analytics platform Santiment, DOGE whales, in recent days, have made increased purchases of the coin. Transactions closed in just 48 hours, with a value of DOGE 1.06 billion, or nearly $94.34 million.
Observers point out that the market became bullish on dogecoin the moment Elon Musk appeared at the Super Bowl final, wearing a Dogecoin fan T-shirt. So have the whales fallen into short-term hype?
Data finding confirmation
The above data is confirmed by sentiment indicators. Here we again turn to the instruments of the Santiment analytical platform. On the chart we see a real shot of interest in the coin. In doing so, it is comparable to the results, quoted in October last year. At that time, DOGE made gains of nearly 160%.
The increased interest in the dog coin is also confirmed by the Lookonchain service. It notes that one of Dogecoin’s whales has recently accumulated 450 million DOGE, worth $39.41 million. These purchases were made on the Crypto.com exchange and, as a result, elevated its author to position 20, among the largest holders of the coin.
Dogecoin from a price point of view
Although Lookonchain analysts emphasize that the current short-term increases may result in a drop on the part of other whales, Dogecoin’s chart looks very healthy.
On it we see a clear consolidation, closing in a potential symmetrical triangle. The price is above all key moving averages, currently noting support at the 50-day. The MACD, in turn, is heading towards a bullish intersection, which could suggest further upward movement.