Pepe Coin: Whale Shifts Focus From SHIB With 68B PEPE Accumulation
Release: 2024/05/29 20:14 Reading: 831
Shiba Inu Diverts Whale's Attention to Meme Coin Competitor
A notable player in the cryptocurrency market has shifted their focus from Shiba Inu (SHIB) to Pepe Coin, a prominent force in the meme coin sector. Despite this shift, Pepe Coin has experienced a decline in price today, in contrast to SHIB's significant gains of over 9%.
Whale's Focus Shifts from SHIB to Pepe Coin
According to a recent report by Lookonchain, a platform that tracks on-chain transactions, the shift in focus from Shiba Inu to Pepe Coin has been evident. The report highlights a substantial transaction involving the withdrawal of 67 billion Pepe Coins, valued at approximately $1.02 million, from the OKX exchange. This transaction signals a strategic shift for an investor who had previously incurred significant losses in Shiba Inu. The investor had purchased 40.9 billion SHIB at peak prices during the bullish market but sold at a loss during the subsequent decline.
Lookonchain's report indicates that the trader had accumulated the Shiba Inu coins for around $2.98 million when the price was high and subsequently sold them during the price dip. Notably, the trader lost $2.55 million, representing an 85.5% loss in their SHIB trading.
Market Response and Price Fluctuations
The market response to the whale's shift has been mixed. Pepe Coin has witnessed a price decline despite the influx of investment, while SHIB has enjoyed significant gains, highlighting the inherent volatility and unpredictability of cryptocurrencies.
However, the renewed focus on Pepe Coin has instilled optimism among its supporters. The whale's accumulation of a substantial number of Pepe Coins could indicate confidence in its long-term viability, potentially attracting more investors and strengthening its market position.
In addition, Pepe Coin has experienced robust growth in recent days, reaching its all-time high. Significant transactions of Pepe Coin have also been observed, indicating increased investor confidence.
As of writing, Pepe Coin's price had declined by 9.37%, trading at $0.00001525. The coin had touched a 24-hour high of $0.00001689. Notably, Pepe Coin has witnessed a weekly surge of approximately 13% and a 30-day gain of about 120%.
On the other hand, Shiba Inu's price was trading at $0.00002779, representing a 9.47% increase. Its trading volume had skyrocketed by 166.83% to $2.41 billion. Notably, the meme coin had reached a high of $0.00002933 and a low of $0.00002538 within the past 24 hours.
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