Dogecoin (DOGE) Whales Have Been Dumping - This Could Spark Renewed Bearish Pressure

The famous memecoin DOGE has recently experienced a massive selloff by the whales. This has sparked renewed bearish pressure on the coin.

Famous memecoin Shiba Inu (CRYPTO: SHIB) is known for its volatile price swings, often influenced by the actions of large cryptocurrency holders, commonly called whales. Recent shifts in significant SHIB balances have sparked discussion among crypto traders and analysts.

What Happened: According to crypto tracking service Whale Alert, a massive amount of SHIB tokens was moved on Wednesday.

One large transfer saw 1 trillion SHIB, valued at $11,688,386 at the time of the transaction, move from an unknown wallet to cryptocurrency exchange Binance (CRYPTO: BNB).

Another substantial transaction saw 250 billion SHIB, worth $2,867,383, transfer from another unidentified wallet to a Coinbase (NASDAQ:COIN) exchange account.

This series of transactions follows a previous report by crypto analyst Ali that highlighted a significant selloff by SHIB whales.

Over the past week, more than 1 billion SHIB tokens were sold, with 50% of the tokens being unloaded by Shiba Inu whales alone. The analyst noted that this selloff also coincided with a 7.2% drop in the SHIB price.

Shiba Inu is now trading at $0.0015, down from $0.1680.

Why It's Important: These large-scale movements of SHIB tokens often spark discussion and speculation within the cryptocurrency community.

Such transactions could indicate several activities, including:

Internal exchange wallet reshuffling.

Over-the-counter (OTC) deals.

Institutions or funds entering or exiting large positions.

Whenever there are large-scale shifts in cryptocurrency holdings, especially by significant investors or exchanges, it naturally attracts attention and comment.

It is still too early to say what impact, if any, these transactions will have on the price of SHIB in the long term. However, they are certainly a significant development in the cryptocurrency market.

Shiba Inu is the second-largest memecoin after Bitcoin (CRYPTO: BTC).