Whale DOGE And SHIB Make Rupiah Trillion Transactions
Two leading meme coins, Dogecoin and Shiba Inu. (Photo; Doc. CryptoVixens)

JAKARTA - Dogecoin (DOGE) and Shiba Inu (SHIB), two types of cryptocurrencies known as "coin memes," have been in the spotlight again in recent weeks. The reason is, the owners of DOGE and SHIB are the largest or Whale owners have started shipping their meme coin assets in large quantities.

In a recent report from crypto analytics firm IntoTheBlock, it was revealed that in the last seven days alone, Dogecoin holders transferred DOGE worth more than US$654.7 million (approximately Rp10 trillion) in transactions above US$100,000 (Rp1.5 billion), indicating trade by whale.

Meanwhile, Shiba Inu holders made transactions worth 221.18 million (Rp 3.4 trillion) in the past week, but only 31 percent of those are currently making money from the investment.

Although Dogecoin and Shiba Inu are still trading on the crypto market, their market cap rankings have fallen sharply in the past seven days. At the time of writing, Dogecoin is trading at IDR 1,116 per coin.

DOGE prices have fallen 1.9 percent in the past 24 hours and more than 10.9 percent in seven days. Meanwhile, Shiba Inu, trading at IDR 0.17 at the time of writing, has fallen 2 percent in the last 24 hours.

Although both have still increased since early 2023, DOGE and SHIB are still far from their all-time highs. According to Coinecko data, Dogecoin, which reached its highest level in May 2021 above IDR 10,338, fell by almost 90 percent from its highest level. Meanwhile, Shiba Inu, which reached its highest level in October 2021 at a price of IDR 1.22, has fallen by more than 87 percent from its highest level.

The influence of meme coins such as Dogecoin and Shiba Inu is still a hot topic in the crypto market, as investment in crypto assets is still considered highly speculative and at high risk. DOGE has the support of technology tycoon Elon Musk, while SHIB has a strong community base.


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