Interest in meme coins is rising ahead of the election: Big whales are turning to these 2 meme coins

Meme coin news: The cryptocurrency market is moving mixedly due to the impact of the US presidential elections. While the price of Bitcoin is currently shaken by the $540 million ETF outflow, marking the biggest loss in 6 months, the meme coin sector is showing better performance. In particular, market leader DOGE and SHIB are rising, compensating for the losses incurred during last week's market correction. Against the broad market sensitivity before the election, the memes achieved successful gains in the daily report, also attracting attention to whale movements.

Dogecoin wallets are rapidly rising

According to the latest data from Santiment, a blockchain analytics firm, while investors are searching for clarity in the cryptocurrency market, there has been a rapid increase in Dogecoin wallets. The number of wallets increased by +46.4 thousand in a week, and after reaching a local peak last week, investments in meme coins have become a betting topic among investors.

The rise in DOGE price is thought to be attributed to its strong relationship with meme coin and the US elections. The meme coin, which has gained attention due to community support and increased political interest, is believed to be the cryptocurrency most affected by the election results. Trump winning could be a significant boost for the meme coin, which started an early rally against the election results. The increase in adoption rate and DOGE gaining an official identity are expected to be behind this process.

When we look at the price of DOGE coin, the meme coin gained momentum towards $0.17 with a 12% increase during the day. Currently, the meme coin is trading at $0.1663, having pulled back slightly. The Bollinger Bands are widening and the Relative Strength Index (RSI) is moving towards the overbought zone in the technical chart.

The pullback in the price of Dogecoin, which shows a strong support trend, aligns with crypto analyst Ali Martinez's post. The analyst stated that the meme coin is showing a sell signal on the 4-hour chart and predicted a correction at the $0.161 region or the $0.156 level.

DOGE whales are the largest accumulation

Dogecoin whales, who have made the biggest accumulation since the beginning of the year, have recorded an increase by purchasing more than 2.1 billion DOGE currently. While whales triggered the accumulation trend, whale activity has shown a regular increase in the last few weeks. According to data obtained from IntoTheBlock, DOGE transfers also intensified in the last 24 hours. The increase in whale movements revealed that investors showed intense interest in the asset, as expectations related to the US elections increased.

Rise in SHIB meme coin price

Shiba Inu is experiencing interesting developments on Tuesday, November 5th. The SHIB team sparked investor interest by proposing SHIB coin in the projects of Musk and Trump to make America a cryptocurrency center. Shytoshi Kusama announced the proposal to introduce the Blockchain Strategic Investment Center, sharing the budget plan by presenting the offer details to the candidates.

The average cost for the development of the center within the plan will be a maximum of 2.35 billion dollars over a period of 10 years. With the plan announced for the future president of the United States, an important initiative was made for the SHIB project. At the same time, SHIB whale activity increased, and within 24 hours, whales made a transfer of 2.34 trillion SHIB.

SHIB 1-week price chart. SHIB price has increased by 7% in the past 24 hours and experienced a pullback from $0.00001780 to $0.0001769. The trading volume of this rising meme coin has increased by 40% and the Bollinger Bands are still tightening. The weakening ADX indicates a loss of strength in the current trend.

At the same time frame, the money flow index (CMF) recorded an increase. The MACD indicator is below the signal line and below zero, indicating that the red histogram may continue to decline and the trend strength is weak. Finally, the Relative Strength Index (RSI) is at the neutral level of 51.

The information in the text is purely for informational purposes. It does not constitute any investment advice. The author and kriptoparahaber.com are not responsible for any profits or losses arising from your investments. Investment ultimately relies on many factors such as knowledge, experience, research, and personal decisions.

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