- Dogecoin whale wallet holders have consistently shed 590 million DOGE tokens since April 25, amidst massive PEPE rally.
- PEPE coin yielded 312.4% gains over the past week, yielding explosive gains for holders and fueling the meme coin season narrative.
- PEPE trade volume surpassed Dogecoin, Shiba Inu and top meme coins, taking the spotlight away from DOGE.
Dogecoin network’s large wallet investors shed their DOGE token holdings as other meme coins take away the spotlight from the Shiba-Inu-themed cryptocurrency. PEPE coin, a meme coin derived from the “Pepe the frog” meme, has yielded three-digit gains for holders since April 26.
Dogecoin large wallet investors shed DOGE token holdings
Dogecoin, a Shiba-Inu-themed meme coin that ranks first by market capitalization in the category, has witnessed a dramatic decline in token holdings by large wallet investors. Whale wallet holdings are a key on-chain metric that signals the sentiment of large wallet investors on the token.
Typically, a spike in whale wallet holdings is bullish for the asset. A decline in holdings of large wallet investors on the other hand is indicative of a loss of interest of whales in the token.
Based on data from crypto intelligence tracker Santiment, DOGE whales holding between 1,000,000 and 100,000,000 tokens have shed over 590 million DOGE. This is equivalent to $43.23 million at the current price.
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Dogecoin whales dump their DOGE token holdings
The timing of the whale dump coincides with the meteoric price rise of PEPE. PEPE, the coin inspired by the “Pepe the Frog” meme, yielded over 300% gains for holders since April 25.
The 24-hour trade volume of PEPE has exceeded that of Shiba Inu and Dogecoin as of May 2. This signals the shift in spotlight from DOGE and SHIB to PEPE.
According to data from CoinGecko, PEPE trade volume surpassed $434 million against DOGE’s $312 million. PEPE’s explosive price rally is therefore indicative of the shifting sentiment of DOGE traders towards the meme coin.
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