After a great week for meme cryptocurrencies, recent market movements have revealed a significant shift in whale interest from PEPE (PEPE) to Shiba Inu (SHIB).
Where Are the Whales Heading?
Lookonchain provided data shedding light on this matter. It appears that a whale has made a substantial sale of PEPE, with the sale of 1.97 trillion PEPE tokens, amounting to an astonishing $6.07 million, drawing attention.
On the other hand, following this transaction, the whale made a profit of $3.49 million. After selling their PEPE, the whale quickly turned their attention to Shiba Inu, purchasing 75.9 billion SHIB tokens worth $893,000.
Despite the clear interest from whales, PEPE experienced a notable correction in its price movement. The price fell by 17.71% after testing the $0.00003563 level. During this period, the Relative Strength Index (RSI) was pointing to 67, highlighting the impact of the correction on PEPE’s overall market sentiment.
SHIB Price Movement
On the SHIB side, despite the new interest from investors led by the whale exiting PEPE, the token price experienced a decrease of 5.91% in the last 24 hours.
Upon examining network-related data, SHIB presented a contrasting view. Despite the price drop, network growth indicated an increase in the number of new addresses and rising interest, which could help SHIB reach new highs during this period.
Additionally, an increase in transaction speed in SHIB trades suggested a rise in the number of token movements within the ecosystem.
The combination of the price drop and increased network activity raises questions about the potential driving forces behind these market movements for SHIB.
When examining SHIB’s tokenomics, it was observed that token burning activities had hosted a significant increase, with 3.7 million tokens burned in the last 24 hours, representing a staggering increase of 30,187.99%.
On the other hand, there was a noticeable decrease in the number of new accounts created on Shibarium, considered an integral part of the Shiba Inu ecosystem. This decline in new account creation provides a new perspective on the ongoing process within the Shiba Inu ecosystem.
