Dogecoin Whales Transfer More Than $654,700,000 in DOGE in Just One Week: IntoTheBlock
Dogecoin (DOGE) whales transferred more than $654.7 million worth of DOGE in the past seven days alone, according to the crypto analytics firm IntoTheBlock.
IntoTheBlock notes that $654.78 million worth of DOGE was transferred in transactions greater than $100,000, indicative of whale trades.
The firm also notes that 54% of Dogecoin holders are currently making money on their DOGE investments.
DOGE is trading at $0.0738 at time of writing. The 10th-ranked crypto asset by market cap is down more than 2.2% in the past 24 hours and more than 9.4% in the seven days.
Dogecoin remains up about 5% since the start of 2023, but it is still nearly 90% down from its all-time high of more than $0.731, which it hit in May 2021.
Shiba Inu (SHIB), DOGE’s top memecoin competitor, witnessed $221.18 million worth of transactions in the past week that was more than $100,000, according to IntoTheBlock.
The analytics firm notes that SHIB’s holders are doing far worse on average than DOGE’s: Only 31% are currently making money on their investments.
Shiba Inu is trading at $0.000011 at time of writing. The 15th-ranked crypto asset by market cap is down 2.45% in the past day and more than 8.3% in the past week.
SHIB remains up by 37.5% since the start of this year, but it is still more than 87% down from its all-time high of $0.00008616, which it hit in October 2021.
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This article was originally reported on The Daily Hodl.