On-chain data analysis site Santiment reports that large holders of SHIB and DOGE sold their coins this week, before the market correction.
The above image was tweeted by @santimentfeed, via Sanbase Pro their flagship application.
Shiba Inu Whales & Dogecoin Whales Exit Market
Large SHIB and DOGE transactions equivalent to $100,000 or more were tracked in tandem with the Shiba Inu price top on Sunday 14th August, and the Dogecoin price top on Tuesday 16th – and ‘perfectly foreshadowed both coins’ price corrections’.
Shiba Inu & Dogecoin price drop
The Shiba Inu price dropped 30% from a high of $0.000018 to $0.0000125. The Dogecoin price dropped slightly less, 25% from $0.089 to $0.067.
Both meme coins sold off more than Bitcoin over the same time period, which crashed 18% from $25,211 to $20,761 and have so far recovered less than BTC which at the time of writing is now trading back above $21,500.
Santiment also wrote that ‘as is often the case, the whales foreshadowed the ideal profit taking moments when their large transactions exploded on each network.’
#Dogecoin and #Shibainu have both experienced major price corrections after their respective Tuesday and Sunday tops. As is often the case, the whales foreshadowed the ideal profit taking moments when their large transactions exploded on each network. https://t.co/6QoIoxkknt pic.twitter.com/p3BAMjcav1
— Santiment (@santimentfeed) August 19, 2022
Some retail investors holding Shiba Inu replied to the news:
‘This is why I say whales are the enemies of the true Shib army. Whales have total control of the price and when the price goes up even the tiniest amount the whales take profit and plummet the price. We need another HUGE burn or we’ll be fighting for years to lose another ZERO!’
Another commented on the high total supply of Shiba Inu (one quadrillion):
‘Do you honestly see shib going anywhere much with such huge numbers available ? It’s a genuine question. I’ve made some short term gains with Shiba but never really held much of it for the long term.’
Next Big Meme Coin
One way to beat crypto whales, whether for meme tokens or otherwise is to invest in a new token presale that isn’t trading yet on exchanges.
Presales offer a level playing ground and tend to perform well for early buyers regardless of bear market conditions. One presale we recently reviewed went on to pump 450% relative to its listing price and 700% from its presale price.
Our next pick is Tamadoge (TAMA) which is a low supply (two billion), deflationary meme coin with more utility than e.g. Dogecoin or Shiba Inu – as the rewards token of an upcoming NFT game – and more incentive to hold it.
The Tamadoge presale is active now and currently 50% sold out – view the roadmap and whitepaper at buy.tamadoge.io.
Meme Coin News
Tamadoge (TAMA) – Next Big Meme Coin
- Beta Sale Ends Sept 2022 – tamadoge.io
- Deflationary, Low Supply – 2 Billion
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets – Potential for Mass Adoption
- Play to Earn Utility – Rewards Token
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