Are Shiba Inu and Dogecoin are the new ‘whale favorite’ tokens in town?

Lavina Daryanani

The crypto market has already started exhibiting signs of recovery. Thanks to the rise in valuations of large-cap coins, the global crypto market now stands at $2.07 trillion after registering a 3.34% surge in the 24-hour window. Amidst the market’s recovery mode, the top meme coins, Dogecoin and Shiba Inu, have managed to post congruent double-digit daily gains.

Source: CoinMarketCap

Leaving aside their #1 and #2 ranking on the meme-coin list, it should be noted that these two coins are currently the 12th and 13th largest cryptos by market capitalization, with $22.3 billion and $17.5 billion respectively.

Whales buying the Dogecoin, Shiba Inu dip

Apart from the broader market support received, the price upticks of both these coins can be accredited to whales. These ‘large’ HODLers have been accumulating both these coins of late.

As highlighted in yesterday’s article, a host of whale transfers in the $600k to $11 million range had taken place over the past day. However, in a much more recent transaction, an unknown wallet transfer of over 5.8 billion DOGE tokens worth $999.67 million had taken place.

Shiba Inu, on the other hand, has now already returned to the numero uno position in the top 1000 Ethereum whale wallets. In fact, as per WhaleStats’ recent tweet, SHIB now comprises 15.75% of the total holdings in the aforementioned wallets.

Before this, Shiba Inu previously occupied the top position towards the end of December.

Now, amongst other large buys, prominent whale “Light” added a massive lot comprising of 58.9 billion SHIB tokens worth over $1.9 million to his bag.

Despite the whale transactions and the recent price upticks, both DOGE and SHIB are currently down by 60%-80% when compared to their ATHs. Only if the buying spree continues and the broader market completely recovers can we expect both these coins to spring back to their pre-established high levels.