Santiment, a market intelligence company, has released new data that shows Dogecoin’s (DOGE), rival Shiba Inu’s (SHIB), could soar as whale activity increases around this meme asset.
Santiment has released a new report that shows historically, investors with deep pockets who make investments worth more than $100,000 preceded the peak in digital asset prices.
History has proven that the price peak is often preceded by a dramatic increase in whale transactions of $100,000. In December 2017, Bitcoin reached nearly $20,000 in value for the very first time. The number of whale trades reached a record-breaking 62,317 transactions in one day on December 13, 2017. This was a sign of major profits by big investors.
Santiment says that while whale activity could indicate a crash following the price rise, it is not always the case. High-net-worth individuals tend to buy during the dips, rather than selling.
Whales can sometimes be used as a tool to determine price lows. A similar moment occurred after the early-May 2021 crash.
Whales were buying the dip instead of selling. Whales bought the dip .” instead of selling.
Crypto analytics company says that SHIB appears to currently be experiencing a rally driven by whales.
Dogecoin, the second largest meme coin of cryptocurrency today may have overshadowed it. This latest surge of 527 whale transaction on June 5, 2020, was the biggest in five months.
The coin’s value has increased by 10% since this date. This could indicate that the price is just beginning to rise .”, based on our knowledge of sudden increases in whale activity when prices fall.
SHIB currently trades for $0.00012, which is a decline of 5.5% on the day.
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The COINPAPER published this article: This Dogecoin Rival could go higher amid increased whale activity, says analytics platform Santiment.
