Whales dumping popular meme coins Dogecoin and Shiba Inu amid the massive PEPE hype that led whales to grab the frog-themed meme coin. A top Dogecoin whale has moved almost 2 billion DOGE on Tuesday and has only 1 DOGE in the wallet. Typically, large whale activity follows massive price movement. Is DOGE price on the brink of a crash?
Dogecoin Whale Moves 2 Billion DOGE
On May 9, a whale dumped 300 million Dogecoin (DOGE) tokens worth $21.73 million to the crypto exchange Binance, as per WhaleStats.
However, the on-chain analysis revealed that the Dogecoin whale has moved 1.98 billion DOGE worth $160 million in a transaction at 8.50 AM UTC. The whale sent 300 million to Binance and 1.68 billion to a new wallet address. The wallet address is now the 8th largest wallet holding, accounting for 1.21% of total Dogecoins.
Other whales are also dumping DOGE and Shiba Inu (SHIB) for either buying PEPE or temporarily exiting the market. In the last 24 hours, 2.20 billion DOGE coins have been moved.
Shiba Inu whales are also dumping SHIB for PEPE. A whale sold 6 million SHIB for buying 325 billion in mid-April and made millions by making the decision, as per data by Lookonchain.
Will DOGE Price Crash?
DOGE price fell over 2% in the last 24 hours, with the price currently trading at $0.073. The 24-hour low and high are $0.070 and $0.075, respectively. Furthermore, the trading volume has increased in the last 24 hours amid the selloff by whales.
DOGE price is trading below key levels and the probability of hitting the $0.065 support level is higher. Whales have likely seen this scenario as Shiba Inu and Dogecoin continue their downfall.
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