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Reading: Whale Transactions Stir Interest in Meme Cryptocurrencies PEPE and SHIB
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COINTURK NEWS > Meme Token > Whale Transactions Stir Interest in Meme Cryptocurrencies PEPE and SHIB
Meme Token

Whale Transactions Stir Interest in Meme Cryptocurrencies PEPE and SHIB

In Brief

  • PEPE and SHIB see notable price surges.

  • Whale sells PEPE and buys billions of SHIB.

  • SHIB's price rises after strategic developments.

COINTURK NEWS
COINTURK NEWS 1 year ago
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In the highly volatile environment of the cryptocurrency world, meme coins such as Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE) have recently faced significant interest from enthusiasts. Notably, PEPE and SHIB have experienced considerable price increases, sparking speculative excitement among traders and investors fueled by intriguing whale activity and shifting market dynamics.

Contents
Whale Sells PEPE to Accumulate SHIBSHIB’s Price Experiences an Uptick

Whale Sells PEPE to Accumulate SHIB

Amidst the rising popularity of meme coins, two whale transactions have sparked speculation in the crypto world. A whale-level wallet address starting with 0x37d… executed a sale of 1.97 trillion PEPE worth $6.07 million on the Binance exchange. This transaction netted the whale a profit of $3.49 million.

On-chain data indicates that immediately after the PEPE sale, the whale-level wallet address purchased 75.9 billion SHIB. This acquisition suggests the whale shifted its focus from PEPE to SHIB.

SHIB’s Price Experiences an Uptick

Although there could be many reasons behind this shift in the whale’s focus, it has led to much speculation about the underlying motivations and market sentiment guiding the whale in the memecoin world.

The whale’s decision to sell PEPE and accumulate SHIB coincided with recent developments in the Shiba Inu ecosystem. Anticipated events such as the KININE launch, the introduction of SHEboshi, the ongoing community-led burning of SHIB tokens to reduce circulation, and strategic partnerships including one with Zama are believed to have influenced the whale’s decision-making process.

As a result of these developments, SHIB’s price saw a significant increase. The popular altcoin’s price jumped by 23.43% in the last 24 hours, boosting its total market value and trading volume to $8.07 billion and $1.98 billion, respectively. In contrast, PEPE experienced a more modest rise of 1.92%.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 29 February, 2024 - 3:36 pm 29 February, 2024 - 3:36 pm
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