Meme Coins Dogecoin, Shiba Inu Mount Double-Digit Recovery Amid Crypto Rebound

Dogecoin (DOGE) and Shiba Inu (SHIB)—the industry’s two most-popular meme coins—have both rallied by over 12% in the last 24 hours, leading the charge in the broader cryptocurrency market.

According to data from CoinGecko, DOGE is up 13.3% over the day, changing hands at $0.175 by press time.

SHIB rallied 12.3% over the same span to the current value of $0.00003206.

Both coins are currently the 12th- and 13th-largest cryptocurrencies by market capitalization with $23.2 billion and $17.7 billion, respectively.

Whales buy the DOGE, SHIB dip

Strong gains seen by DOGE and SHIB can be partly attributed to large token holders, also referred to as whales, accumulating the two coins in recent days.

As data from Dogecoin Whale Alert shows, nearly $1 billion worth of Dogecoin (over 5.8 billion DOGE) was moved in one mammoth-sized transaction earlier on Thursday.

A few hours before that, another transaction worth nearly $900 million (more than 5.2 billion DOGE) was recorded on the Dogecoin blockchain. The funds were transferred from multiple wallets to a single unknown wallet.

This is not to mention multiple other DOGE transactions between $1 million and $5 million seen on the network over the last day.

Meanwhile, as reported by WhaleStats on Friday morning, SHIB has again become the biggest token position by USD value among whale wallets holding 1,000 Ethereum or more.

The last time SHIB topped the rankings was at the end of December last year.

Earlier today, a whale going under the moniker “Light”—ranked third among the whale wallets— was reported to add 58.9 billion SHIB tokens worth over $1.9 million to their stack.

Despite the latest surge, DOGE is down 76.5% from its all-time high of $ 0.731 in May, and SHIB is down 62.7% today since it hit a record high of $0.00008616 in October.