SHIB, DOGE Fetch Gains Despite Whales Moving Millions to CEXs

Key on-chain data for Dogecoin and Shiba Inu reveals the impact of the latest Ethereum whale action.

Shiba inu riding on a whale with cool glasses on.
Created by Kornelija Poderskytė from DailyCoin
  • Ethereum whale splashes $21.6M worth of DOGE to Robinhood.
  • Shibarium L2 crosses 200 million transfers on the public chain.
  • ETH whales trading SHIB & DOGE have one essential distinction.

Dogecoin (DOGE) and Shiba Inu (SHIB) picked up slight gains today following Ether’s (ETH) 6% rally. Laying the foundation for a short altcoin rally, Ethereum’s success boosted Shiba Inu above the $0.000011 resistance, a crucial barrier retested after a five-day hiatus.

Dogecoin’s road back to glory aligns with many crypto whales emerging back on the radar. One mysterious Ethereum whale distributed 230,000,000 DOGE to Robinhood, a popular American exchange. Pouring tokens into centralized exchanges is usually labeled bearish due to increased supply.

Dogecoin fetched 2% gains in the last 24 hours, according to CoinGecko. Approaching the fundamental $0.10 support level, DOGE retested this barricade on 21 December 2023 but couldn’t cross past the northward resistance at $0.097. At press time, DOGE is changing hands at $0.093, with a 21.2% upswing in the last 30 days.

SHIB Whales Behavior Hints at One Key Difference

While Dogecoin is among the favorite cryptos for trading on popular American crypto exchanges like Robinhood, Coinbase, and Crypto.com, Shiba Inu whales started a tendency to withdraw huge amounts of SHIB tokens from centralized exchanges (CEXs).

For instance, the flamboyant crypto entrepreneur Justin Sun’s transfer of 577B SHIB tokens from Binance to a decentralized wallet on Ethereum a week ago sparked the SHIB Army’s enthusiasm, and the deed was followed by numerous unnamed whales applying the same strategy.

Currently, the only larger SHIB withdrawal from Binance is 850B in a matter of weeks, according to data by blockchain analytics platform LookOnChain. As SHIB whales move from CeFi to DeFi, it aligns well with Shiba Inu’s decentralization quest via self-governance and non-custodial wallets on the native Layer-2 network Shibarium.

Shibarium now counts over 200 million transactions, a milestone hard to imagine for most SHIB holders before December. Along with Shibarium’s testnet move from Goerli to Sepolia, a series of inscriptions sparked a tsunami of trading activity on the network.

Going from less than 10,000 per day to nearly eight million, Shibarium also briefly reclaimed the $1 million mark on total value locked (TVL), according to DefiLlama. While Shibarium’s chain now counts 1.32 million registered wallets, large whale transactions from centralized exchanges proved to be favored by the SHIB community members, who anticipate seeing Shibarium’s own ShibaSwap 2.0 decentralized exchange running on-chain.

On the Flipside

  • Dogecoin is among the top altcoins in major crypto exchanges despite Dogecoin Foundation chair member’s stark warning to withdraw funds from crypto exchanges and store DOGE in cold wallet solutions.

Why This Matters

Crypto whales hoarding massive amounts of digital assets influence the market differently. Whether the intention is to sell or accumulate, the move can dramatically increase the coin’s price.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.