web3.0Dogecoin (DOGE) and Shiba Inu (SHIB) Whales Dump Tokens Targeting New Ethereum (ETH) DeFi Trading Project
Dogecoin (DOGE) and Shiba Inu (SHIB) are the two top meme coins in the crypto market, and recent data suggest that their whales are dumping their tokens for more profitable ventures.
Dogecoin and Shiba Inu whales are dumping their tokens for more profitable ventures, as both tokens have been unimpressive on lower timeframes.
However, the mid-week dip was the final straw for holders of both tokens, and one likely destination for the whales is a new Ethereum DeFi trading project.
At the opening of trading on Monday, the meme coin sector was looking bullish. Bitcoin struck gold and trended upwards, taking up Dogecoin and most of the meme coins.
If you have been in the crypto market long enough, you’d be familiar with the strong relationship between Bitcoin’s price movements, Dogecoin, and the meme coin sector.
The meme coin spiking on Monday was not driven by any development or increased buy pressure, so the BTC dip mid-week suddenly exposed the DOGE price.
Dogecoin is trading 7.8% down in the past 24 hours, and the dip is expected to get even worse.
Holders liquidated $4.9 million worth of DOGE tokens from the futures markets, and the pioneer meme coin couldn’t be in a worse state currently.
Shiba Inu Whales Redistribute SHIB Tokens
The SHIB whales are fed up with the current state of the altcoin price, as Shiba Inu has declined this month.
Analysts predicted a stellar month for Shiba Inu, one to recover the losses incurred in June, but they have been proven wrong in less than four days.
Shiba Inu’s losses in the past 24 hours can be linked to the Bitcoin dip on Wednesday, although the whales migrating off the ecosystem have added to the compounding losses.
Like Dogecoin, the whales are fed up with Shiba Inu’s back-and-forth price movements and are off to better platforms.
Unlike Dogecoin, the retail traders have picked up some of the whales’ holdings, so there might be some hope for the SHIB price.
Shiba Inu’s price is at 7% and 8% losses in the daily and weekly time frames, but certain technical indicators still point to a likelihood of an SHIB rally.
A new DeFi trading project combining cutting-edge technology with massive ROI from its presale is just a short distance from Shiba Inu and on the Ethereum network. RCO Finance is coming on board.
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