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.
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%.
