Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) saw notable price gains over the past month, rising 7% and 6% respectively, as broader market sentiment improved and large holders moved tokens off exchanges.

Large Outflows From Robinhood

According to Whale Alert data, both tokens recorded significant transfers from Robinhood into private wallets, a move typically interpreted as reduced near-term selling pressure.

Dogecoin holders moved more than 2.56 billion DOGE, worth roughly $245 million, across five transactions, marking one of the largest single-day liquidity withdrawals in the asset's history.

Shiba Inu holders also transferred over 16 trillion SHIB, valued at approximately $95 million, into an unknown wallet in mid-April.

Additional large transfers included hundreds of millions of DOGE moving off Robinhood and Bithumb earlier in the month.

  • On Apr.9, around 327.3 million DOGE were moved from Robinhood to an unknown wallet.
  • Also, an approximate 900 million DOGE were transferred from Bithumb to an unknown wallet in early April.

Market participants often view such activity as a signal that investors are shifting assets into long-term cold storage, reducing exchange liquidity and potentially tightening supply.

Analysts Point To Accumulation Phase

Political economist Seth noted that Dogecoin is holding a key support zone where accumulation has been building. He suggested that a breakout above $0.10 could confirm a reversal of the weekly downtrend and signal a shift in momentum.

Trader Tardigrade added that Dogecoin previously showed rising RSI while price compressed, a bullish divergence that often precedes upward moves.

For Shiba Inu, analyst Javon Marks highlighted a breakout from a falling wedge pattern. He noted that similar historical setups have led to sharp rallies, potentially as high as 400%+ in prior cycles if momentum persists.

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