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.
$DOGE is reacting to the possible acquisition of Twitter by @elonmusk.— IntoTheBlock (@intotheblock) April 25, 2022
The volume in perpetual swaps has increased by 6x in 24hours, reaching a 3 week high of $3.13b.https://t.co/NMXSghztXu pic.twitter.com/iyhXSBFoL0
Large DOGE traders were particularly active in cryptocurrency derivates markets, evidenced by the high volumes of perpetual swaps traded over the last 24 hours.
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.
without looking at a chart, buying doge at $0.15 after musk just bought twitter feels like no-brainer.— gainzy (@gainzxbt) April 26, 2022
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.
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