Whale Buys Billions of PEPE and SHIB Tokens Amid Market Volatility
In a dramatic development in the crypto market, a significant whale has amassed substantial quantities of Pepe coin (PEPE) and Shiba Inu (SHIB) tokens, drawing global investor attention. On-chain data reveals that a staggering 199 billion PEPE and 37 billion SHIB have been acquired, sparking optimism about the future performance of these meme-based cryptocurrencies.
Massive Accumulation Signals Confidence in Meme Coins
Despite the volatility, this whale’s accumulation of meme coins signifies strong confidence in their potential. Over the past five days, the whale, identified as 0xa14, withdrew 199 billion PEPE, worth approximately $2.9 million, and 37 billion SHIB, valued at $964,000, from Binance, the leading crypto exchange. The whale’s total holdings now stand at an impressive 349 billion PEPE, worth $5.21 million, and significant amounts of SHIB, illustrating a robust belief in the continued growth of these assets.
This massive accumulation has tilted the whale’s portfolio heavily towards Pepe coin, accounting for 82% of the total portfolio value, which now stands at $10.4 million. The remaining $9.66 million is invested in Shiba Inu, highlighting the whale’s strategic focus on these two meme coins.
Also Read: PEPE Coin A Rival To Shiba Inu (SHIB), Is Now Available On BitMEX
Current Market Trends and Future Outlook for SHIB and PEPE
Despite this substantial buying pressure, both PEPE and SHIB have experienced price declines over the past 24 hours. PEPE’s price has dropped by 1.14% to $0.0000147, while SHIB’s price has fallen by 1.97% to $0.0000256. However, the Relative Strength Index (RSI) for PEPE remains near 60, indicating bullish momentum. This suggests that with continued buying interest, PEPE could see further gains as it approaches overbought conditions.
On the other hand, SHIB’s RSI stands around 52, indicating neutrality in the market. Yet, SHIB’s burning mechanism, which reduces its excessive supply, could create a more favorable outlook for the token. Additionally, data from Coinglass shows a significant surge in futures open interest (OI) for both tokens, with SHIB’s OI at $99.37 million and PEPE’s OI at $183.03 million. This data reflects heightened investor interest and optimism for future performance
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