Metrics Are Sounding Alert for These 2 Giant Chest Coins!

Dogecoin and Shiba Inu on-chain metrics point to a loss of interest among market participants. According to analyst Ekta Mourya, this indicates that recent losses for both chest coins will increase. The decline in active addresses and volume indicates lower levels of activity among traders. Meanwhile, whales moved 600 billion SHIB and 326 million DOGE.

Metrics support correction for two leading chest coins

Information from crypto intelligence tracker Santiment shows a steady decline in Dogecoin’s active addresses and volume in June. These two metrics help determine the relevance and demand of an asset among market participants. Decreasing volume and decreasing active addresses are typical characteristics of an asset experiencing a price correction.

Dogecoin active addresses and volume versus price

Dogecoin is the largest coin by market value. Shiba Inu follows in second place. SHIB recorded an increase in token supply on exchanges in June. Typically, higher volumes of tokens on exchanges indicate higher selling pressure on SHIB as investors become more able to sell their holdings. If investors eventually choose to do so in large volumes, further price correction is possible. Meanwhile, SHIB’s supply on the stock exchanges has reached its highest level in nearly six months, according to the Santiment chart. This, combined with the paltry increase in volume, supports the bearish thesis.

SHIB supply on stock exchanges etc. price

600 billion SHIB and 326 million DOGE on the move

Whale tracker Whale Alert has detected more than half a trillion SHIB transfers, which is remarkable. In prestige currency terms, this is equivalent to $13,713,299. Whale Alert stated that the transfers were made to an anonymous Blockchain wallet.

Meanwhile, Whale Alert has identified two major transfers for Dogecoin. These are 200,000,000 and 126,705,738 DOGE worth $28,790,166 and $18,431,371. This means a total transfer of approximately 327 million DOGE.

Overall, there has been a significant increase in activity of SHIB whales recently. According to IntoTheBlock information, whales transferred a surprising 17 trillion SHIB over the past week. However, a deeper look at all three transactions from Robinhood shows that the three chest coin stacks ended up nowhere else but Robinhood, the purpose wallets are related to this trading venue, and Robinhood shuffled SHIB and DOGE holdings again.

Both chest coin prices are moving in the red zone As you follow from , DOGE and SHIB suffered sharp losses in a week. In this context, DOGE is down more than 15.5% on a weekly basis at the time of writing, falling to $0.1364. For example, the SHIB price decreased by 12.75% to $ 0.00002145. Both chest coins were caught up in the currents of the correction in the broader crypto market.

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