Is There an Increase in pepe & SHIB Prices? Huge Acquisition Leads to More Earnings
Amid the turbulent price movement witnessed by meme coins in the last 24 hours, a whale has been noted to have bagged massive amounts of Pepe coin (PEPE) and Shiba Inu (SHIB) tokens, attracting the attention of investors worldwide. On-chain insights reveal that 199 billion PEPE and 37 billion SHIB were recently purchased; This gives rise to market optimism surrounding the future movements of meme-based investment products.
Despite the already impressive price increase during this year’s bull cycle, Pepe coin and shiba inu tokens continue to shine with optimism about future gains. This is also evidenced by the significant savings mentioned above. Let’s take a deeper look at SHIB & PEPE’s current price movement and on-chain statistics.
Whale Obsessed with Meme Coins Lost Billions of Dollars
According to on-chain insights provided by ‘The Data Nerd’, whale 0xa14 attracted 199 billion PEPE worth $2.9 million from Binance, the world’s leading crypto exchange. Additionally, the same wallet address withdrew 37 billion SHIB worth $964 thousand from the same exchange in another transaction.
Data shows that the trader withdrew 349 billion PEPE worth $5.21 million from binance in 5 days. These savings significantly oriented the whale’s portfolio towards Pepe coin and constituted 82% of the total ($10.4 million). The remaining assets include a Shiba Inu, totaling $9.66 million.
This data underscores the whale’s heavy reliance on the aforementioned meme-based investment products. It is also worth noting that this accumulation triggered the uptrend just as the market thought the PEPE price had reached its peak as the meme coin season was winding down.
Despite the serious buying pressure on Pepe coin and Shiba Inu simultaneously created by the above-mentioned accumulations, the tokens traded with extreme volatility today.
Also Read: Cardano Piques Interest in Shiba Inu, Jasmy Large Whales, Triggers Buy Signal
SHIB & PEPE Prices Dropped, What’s Ahead?
As of the moment of writing, the price of PEPE decreased by 1.14% to $ 0.0000147 in the last 24 hours, while the price of SHIB decreased by 1.97% to $ 0.0000256.
Still, Pepe coin’s RSI remained near 60, signaling bullish momentum for the token. With more buying pressure, the cryptocurrency could pump more as it has not yet reached the overbought zone.
Additionally, SHIB’s RSI was around 52, indicating broader asset neutrality in the market. However, SHIB’s burn mechanism continually eliminates oversupply of the asset, potentially painting an optimistic picture going forward.
Additionally, Coinglass data shows that both tokens have witnessed a significant increase in futures OI recently; SHIB’s OI is $99.37 million and PEPE’s OI is $183.03 million. These data increase optimism and show that investors’ interest in these assets is increasing.
Also Read: Bitcoin Price Expects All-Time High Soon According to 3 On-Chain Indicators
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