Dogecoin (DOGE) whales transferred more than $654.7 million worth of DOGE in the past seven days alone, according to cryptanalysis firm IntoTheBlock.
IntoTheBlock notes that $654.78 million worth of DOGE was transferred in transactions over $100,000, indicating the whale trade.
The firm also notes that 54% of Dogecoin holders are currently making money from their DOGE investments.
DOGE is trading at $0.0738 at the time of writing. The 10th-ranked crypto asset by market capitalization is down more than 2.2% in the past 24 hours and more than 9.4% in the seven days.
Dogecoin is still up around 5% since early 2023, but it is still almost 90% below its all-time high of over $0.731, which it hit in May 2021.
Shiba Inu (SHIB), DOGE’s main memecoin competitor, witnessed $221.18 million worth of transactions in the past week topping $100,000, according to IntoTheBlock.
The analytics firm notes that, on average, SHIB holders are doing much worse than DOGE holders: only 31% are making money on their investments.
Shiba Inu is trading at $0.000011 at the time of writing. The 15th-ranked crypto asset by market capitalization was down 2.45% the day before and more than 8.3% last week.
SHIB is still up 37.5% since the beginning of this year, but is still more than 87% below its all-time high of $0.00008616, which it hit in October 2021.
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