– Dogecoin and Shiba Inu face major price corrections as the general cryptocurrency market plunges. – On-chain data shows whales perfectly exit before the correction. – Both tokens are down 13% and 10%, respectively, over the last 24 hours.
The two largest meme cryptocurrencies, Dogecoin and Shiba Inu, are currently facing a heavy price correction alongside bitcoin and major altcoins.
The retracements come just days after both tokens recorded a notable increase in the market price and capitalization, following the rise in whale activities.
The recent increase in both tokens coincided with a surge in whale transactions, suggesting that the deep-pocketed investors were responsible for the price rallies, besides other market factors.
This is evident following new on-chain data, which shows the prices started dropping as the whale transactions subsided.
According to recent data shared by cryptocurrency on-chain metrics platform Santiment, both Dogecoin and Shiba Inu whales played the market rally perfectly, exiting at the ideal profit-taking points.
"As is often the case, the whales foreshadowed the ideal profit-taking moments when their large transactions exploded on each network." - Santiment.
Whales still have a major influence on the price of cryptos like Dogecoin and Shiba Inu. Perhaps, investors should keep a close watch on their activities to predict next price movements.