- A meme coin whale diverts attention from Shiba Inu to Pepe Coin, sparking speculation about market dynamics amid contrasting price movements between the two meme coins.
- Lookonchain report reveals a massive 68 billion Pepe Coin accumulation by the investor.
- Market sentiment mixed as Pepe Coin sees a decline while SHIB enjoys a significant surge.
A whale’s shift from Shiba Inu to Pepe Coin has stirred the crypto market, with significant implications for both meme coins’ future trajectories.
Whale Shifts Focus To Pepe Coin From SHIB
Lookonchain’s recent report unveiled a significant transaction involving the withdrawal of a staggering 67 billion Pepe Coins, valued at $1.02 million, from the OKX exchange. The transaction signifies a shift in strategy for an investor who previously incurred substantial losses in Shiba Inu, having bought 40.9 billion SHIB at peak prices during the bullish phase, only to sell at a loss during the subsequent bear market.
According to the report, the trader accumulated the Shiba Inu coins for around $2.98 million when the price was high and sold it during the price dip phase. Notably, the whale made a loss of $2.55 million, or 85.5% with his SHIB trading.
Meanwhile, this strategic maneuver raises questions about the investor’s intentions and the potential for profit in the Pepe Coin market. With the whale’s previous misfortune in SHIB, all eyes are now on whether the newfound focus on Pepe Coin will yield better results, igniting curiosity and speculation within the crypto community.
A Closer Look Into Market Response & Prices
The market response to the whale’s move has been mixed, with Pepe Coin witnessing a decline in price despite the influx of investment. In contrast, SHIB has enjoyed significant gains, highlighting the volatility and unpredictability inherent in the cryptocurrency landscape.
However, with the spotlight now on Pepe Coin, there is renewed optimism among its supporters regarding future prospects. The whale’s accumulation of a substantial amount of Pepe Coins could potentially signal confidence in the coin’s long-term viability, potentially attracting more investors and bolstering its market position.
In addition, the Pepe Coin has also witnessed robust gains over the past few days, which has sent the frog-themed meme coin to its all-time high. Besides, several large transactions of PEPE have also been witnessed in recent days, indicating the growing confidence of the investors towards the crypto.
As of writing, Pepe Coin price was down 9.37% and exchanged hands at $0.00001525, after touching a 24-hour high of $0.00001689. Notably, the crypto has witnessed a weekly surge of about 13%, while over the last 30 days, it added about 120%.
On the other hand, Shiba Inu price traded at $0.00002779, up 9.47%, while its trading volume skyrocketed 166.83% to $2.41 billion. Notably, the meme coin has touched a high of $0.00002933 and a low of $0.00002538 in the last 24 hours.
Conclusion
The whale’s strategic shift from Shiba Inu to Pepe Coin has undoubtedly stirred the crypto market, creating a buzz among investors and analysts alike. While Pepe Coin’s immediate decline contrasts with SHIB’s surge, the long-term implications of this move remain to be seen. Investors will be keenly watching the performance of both meme coins in the coming weeks, as the market continues to react to these significant transactions.
