Cryptocurrencies remain volatile on Thursday, with tokens displaying mixed performances.
Bears have dominated since the US declared the partially-delayed tariffs on China, Canada, and Mexico.
Meme coins traded downward, with the meme market capitalization plunging by over 7% to $74.1 billion.
Moreover, the declined 24-hour trading volume indicates fading investor interest in meme assets.
Amidst the uncertainty, some crypto enthusiasts capitalize on the prevailing dips to purchase at lower prices.
Top meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) have seen substantial whale activities within the past 24 hours.
Whale transfers 1.24 trillion SHIB from Kraken
Whale Alert observed a significant transaction involving Shiba Inu amid the downward price actions.
A dip-pocketed investor transferred SHIB worth over $20 million, around 1.24 trillion coins, from Kraken to an anonymous wallet.
Notably, the transaction happened at a vital support barrier that has historically triggered reversals for Shiba Inu.
On-chain metrics support SHIB’s bullish trajectory.
The spot inflow/outflow indicator reveals outflows worth over $400K after continuous exchange inflows, highlighting potential accumulation.
Such trends might intensify buying momentum and propel prices to the upside.
Nevertheless, SHIB demonstrates robust bearishness in its near-term structure.
It trades at $0.00001512 after losing over 4% within the past day.
The 33% slide in 24-hour trading volume confirms dwindled interest in the token.
Meanwhile, $0.000015 has been a crucial support for Shiba Inu.
The region has historically triggered significant price rebounds.
SHIB has hovered around this foothold for more than four days.
Stability above $0.000015 could support bounce-backs towards $0.000021.
That would translate to a 40% gain from SHIB’s current price.
Nonetheless, the alt still trades beneath the 200-EMA on the daily chart.
That highlights near-term struggles before the anticipated rebound.
Whale scoops 750M DOGE
While some players panic during price dips, others take marked downtimes as opportunities to buy at lower prices.
Popular analyst Ali Martinez highlighted Santiment stats that revealed massive Dogecoin accumulation after the recent price dip.
The investor capitalized on the discounted prices to purchase 750 million DOGE – “a strong sign of confidence in the market!”
The substantial accumulation comes after Dogecoin endured a bloodbath, losing over 25% on its weekly chart.
The original meme token trades at $0.2487 after losing more than 3% in the past day.
Meanwhile, DOGE’s outlook reflects broad market performance.
Digital assets remain downbeat and volatile amid global economic tensions.
Nevertheless, experts forecast a bright future for the asset class in the coming years, citing the US’s pro-crypto leadership.
Also, factors such as the emerging Dogecoin ETF trends will likely magnify institutional interest in the meme token.
An ETF would elevate DOGE’s status as a legitimate asset in the cryptocurrency realm.
A solid move past the $0.30 resistance would shift Dogecoin’s near-term trajectory to bullish.
The post Memecoins update: whales accumulate SHIB and DOGE as market dips continue appeared first on Invezz
