The biggest investors of the Dogecoin network are leaving DOGE as another meme coin draws attention. On-chain data reveals a dramatic drop in whales’ DOGE balances.
Dogecoin whales are chasing this triple-digit altcoin
Dogecoin, the largest meme coin by market cap, has witnessed a dramatic drop in the number of whale wallets. Whale accumulation is an on-chain metric that signals the interest of major investors. An increase in whale wallets usually means a rise. On the other hand, the dwindling balance of large investors is indicative of waning whales’ interest in the token.
According to data from Santiment, DOGE whales holding 1,000,000 to 100,000,000 tokens have sold more than 590 million DOGEs. This means that approximately $43.23 million was dumped into the market.
The timing of the whale sales was remarkable. The data shows that sales coincided with PEPE’s triple-digit price increase. cryptocoin.comAs you follow, PEPE has given its investors over 300% gains since April 25th.
Dogecoin whales are now switching to Pepe Coin
Pepe Coin has managed to stay trending since April 25. OKX and subsequent Coinbase listing helped keep the meme coin in the spotlight. The data shows that PEPE surpassed Shiba Inu and Dogecoin in 24-hour trading volume as of May 2. This marks a shift from DOGE and SHIB to PEPE.
According to data from CoinGecko, PEPE transaction volume exceeded $434 million, compared to DOGE’s $312 million. Therefore, PEPE’s explosive price rally is indicative of DOGE traders’ shifting sentiment towards breast money.
Can Pepe Coin surpass SHIB and DOGE in the long run?
Santiment data revealed that the crypto market has high hopes for PEPE. The meme coin’s weighted sentiment metric rose, implying that positive views dominate the token.
Its social volume was also high, which somewhat hinted at the token’s growing popularity. Data from LunarCrush indicates that the coin’s bullish sentiment has increased significantly over the past week.
On the other hand, the foreign exchange outflow of the meme coin has increased significantly. This indicates an increase in purchasing pressure. As the network growth metric indicates, more new addresses were used to transfer tokens.
PEPE’s daily active addresses have also increased recently. Given the aforementioned metrics and PEPE’s 1-week high price volatility, the possibility of further increases in prices seemed high.
In conclusion, given all the factors mentioned above, it can be said that Shiba Inu and Dogecoin could be in tough competition if PEPE continues to outperform itself.
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