Dogecoin and Shiba Inu on-chain metrics indicate a loss of interest among market participants. According to analyst Ekta Mourya, this indicates that recent losses for both meme coins will increase. The decrease in active addresses and volume indicates lower levels of activity among traders. Meanwhile, whales moved 600 billion SHIB and 326 million DOGE.
Metrics support correction for two leading meme coins
Data from crypto intelligence tracker Santiment shows a steady decline in Dogecoin’s active addresses and volume in June. These two metrics help determine the relevance and demand of an asset among market participants. Decreasing volume and decreasing active addresses are typical characteristics of an asset experiencing a price correction.
Dogecoin is the largest meme coin by market value. Shiba Inu follows in second place. SHIB recorded an increase in token supply on exchanges in June. Typically, higher volumes of tokens on exchanges indicate higher selling pressure on SHIB as investors become more likely to sell their holdings. If investors eventually choose to do so in large volumes, further price corrections are possible. Meanwhile, SHIB’s supply on exchanges has reached its highest level in nearly six months, according to the Santiment chart. This, combined with the negligible increase in volume, supports the bearish thesis.
600 billion SHIB and 326 million DOGE on the move
Whale tracker Whale Alert has detected over half a trillion SHIB transfers, which is remarkable. In fiat terms, this is equivalent to $13,713,299. Whale Alert stated that the transfers were made to an anonymous Blockchain wallet.
Meanwhile, Whale Alert has identified two major transfers for Dogecoin. These are 200,000,000 and 126,705,738 DOGE worth $28,790,166 and $18,431,371. This means a total transfer of approximately 327 million DOGE.
Overall, there has been a significant increase in the activity of SHIB whales recently. According to IntoTheBlock data, whales transferred a staggering 17 trillion SHIB over the past week. Still, a deeper look at all three trades from Robinhood shows that the stack of three meme coins ended up nowhere else but Robinhood, the target wallets belonged to that trading venue, and Robinhood reshuffled its SHIB and DOGE holdings.
Both meme coin prices are moving in the red zone
cryptokoin.comAs you follow from , DOGE and SHIB suffered sharp losses in a week. In this context, DOGE is down more than 15.5% on a weekly basis at the time of writing, falling to $0.1364. Similarly, SHIB price fell by 12.75% to $0.00002145. Both meme coins were caught up in the currents of the correction in the broader crypto market.
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