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Crypto Rally: Whales Accumulate 1 Bln DOGE & Trillions Of SHIB, Bull Run Ahead?

Whale transactions of 1 Bln DOGE & trillions of SHIB spark speculation of a crypto bull run amid market optimism and ETF anticipation.
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Crypto Rally: Whales Accumulate 1 Bln DOGE & Trillions Of SHIB, Bull Run Ahead?

In a dynamic crypto landscape, significant DOGE and SHIB transactions by crypto whales are catching the attention of investors worldwide. Recent moves involving large quantities of Dogecoin (DOGE) and Shiba Inu (SHIB) have spurred intrigue, reflecting a surge in confidence within the volatile meme coin segment. Meanwhile, as the broader crypto market experiences a bullish momentum, these substantial transactions are gaining prominence.

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Whales Accumulates Dogecoin & Shiba Inu Raising Eyebrows

Blockchain transaction tracking platforms, Whale Alert and Scopescan have reported major whale activity related to the meme coins Dogecoin and Shiba Inu recently. A whale recently transferred a staggering 1 billion DOGE, valued at $78.85 million, from Binance to an unknown wallet, Whale Alert data showed. Notably, the wallet address is identified as DU8gP…guBr5.

Simultaneously, another whale, as per Scopescan, accumulated 500 billion SHIB, worth $4.73 million, from Gate.io. It’s worth noting that over the past 24 hours, this same whale moved a staggering 1.08 trillion SHIB, approximately $10.27 million, from crypto exchanges like Binance and Gate.io.

Notably, these high-stakes transactions suggest growing investor confidence in meme coins, even as their volatile nature remains a topic of discussion. On the other hand, the bullish momentum, noted in the broader crypto landscape, also reflects the soaring interests of traders in the digital asset space.

Also Read: BlackRock And VanEck Files Updated S-1 For Spot Bitcoin ETF Approval

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Market Optimism Amid Spot Bitcoin ETF Speculation

Several analysts attribute the recent crypto market gains to mounting anticipation over a potential Spot Bitcoin ETF approval by the SEC this week. Reports suggest that approval may be imminent, with trading expected to commence as early as Thursday.

Against the backdrop of a bullish market, investors are closely monitoring developments in the regulatory landscape, keenly aware of the potential impact on various digital assets, including meme coins like DOGE and SHIB. The influx of capital into these tokens highlights a broader trend of optimism and risk appetite in the crypto space.

However, as of writing, the Dogecoin price traded near the flatline, after hitting a 24-hour high of $0.08172. Simultaneously, another key player in the meme coin segment, the Shiba Inu price noted slight gains of 0.62% to $0.000009298 and touched a 24-hour high of $0.000009585.

Also Read: Solana’s Developer Retention Rate Soars 50% In 3 Months

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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