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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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