Dogecoin And Shiba Inu See 400% Surge In Large Transactions

Whale activity in meme coins Dogecoin DOGE/USD and Shiba Inu SHIB/USD was exceptionally high over the 24 hours leading up to Tuesday.

What Happened: According to data from IntoTheBlock, DOGE saw 1,262 large transactions, or transfers with a minimum value of $100,000, over the last day. This represents a 400% increase over the previous day.

See Also: HOW TO BUY DOGECOIN (DOGE)

Rival meme coin SHIB recorded 144 high-value transfers, representing a 414% increase over the last 24 hours.

Both coins saw significant increases in trading volume over the last day, however, DOGE’s uptick in daily trading volume outpaced SHIB by a considerable margin.

SHIB’s trading volume was up 118% at $1.1 billion at the time of writing, while DOGE’s trading volume was up a whopping 926% and exceeded $6 billion.

Large DOGE traders were particularly active in cryptocurrency derivates markets, evidenced by the high volumes of perpetual swaps traded over the last 24 hours.

See Also: Dogecoin Sees $20M Liquidations As Price Rallies To $0.17

Market participants largely attributed DOGE’s rally to Tesla Inc TSLA CEO Elon Musk’s acquisition of Twitter Inc TWTR.

Musk is known to be an avid supporter of DOGE leading some traders to the conclusion that buying into the meme coin is a “no-brainer” at these levels.

Price Action: According to data from Benzinga Pro, DOGE was trading at $0.15, up 26% over the last 24 hours. SHIB was trading at $0.00002418, up 7.52% over the same period.