In a significant move that has caught the attention of the cryptocurrency world, a notable crypto whale has executed a series of strategic trades involving popular meme coins, Shiba Inu (SHIB) and Pepe (PEPE), amid a broader bullish trend in the market. The transactions were first brought to light by prominent cryptocurrency analyst Lookonchian, who detailed the whale’s activities on social media.
In a significant move that has caught the attention of the cryptocurrency world, a notable crypto whale has executed a series of strategic trades involving popular meme coins, Shiba Inu (SHIB) and Pepe (PEPE), amid a broader bullish trend in the market. The transactions were first brought to light by prominent cryptocurrency analyst Lookonchian, who detailed the whale’s activities on social media.
According to Lookonchian’s tweet, the unidentified investor moved a staggering 1.97 trillion PEPE tokens, valued at approximately $6.07 million, to Binance, a major cryptocurrency exchange. This move resulted in a profit of $3.49 million for the whale, demonstrating the investor’s acumen and timing in navigating the volatile cryptocurrency market. After this significant profit collection, the whale shifted its attention to another popular coin memeShiba Inu, withdrawing 75.9 billion SHIB tokens, equivalent to $893,000, from Binance just three hours later.
Meme Coin Resurgence
This sequence of transactions comes as the cryptocurrency market experiences a resurgence, with bitcoin surpassing the $62,000 mark. The bullish market sentiment appears to have positively influenced other cryptocurrencies, including SHIB, which has increased substantially in value. During the last 24 hours, the price of SHIB arose by 26.37%, and its 24-hour trading volume also increased by 114.80%, reaching $2 billion.
On the contrary, Pepe experienced a slight decrease, with its price dripping 4.47% during the same period. Despite this fall, PEPE has registered a significant rise of 146.73% during the last week. The trading volume of the meme coin has also seen a significant increase, with an increase of 18.66%, bringing the 24-hour figure to $1.9 billion.
The whale maneuver between PEPE and SHIB amid these market dynamics underscores the high-risk nature of cryptocurrency trading, where large-scale investors can have substantial impacts on market movements and coin valuations. These events also highlight the growing interest and speculative investment in meme coins, which, despite their recreational origins, have become an important part of the crypto ecosystem.
