Whale Trading Prompts Meme Coin Market Movement
Release: 2024/02/29 21:04 Reading: 912
You can also read this news on BH NEWS: Whale Trading Prompts Meme Coin Market Movement
In the dynamic realm of cryptocurrency, meme-based digital assets Pepe (PEPE) and Shiba Inu (SHIB) have drawn significant attention due to substantial price hikes instigated by the investment strategies of major holders, commonly known as “whales.” These surprising market activities, involving the reallocation of investments by these whales, have set the stage for heightened speculative interest within the trading community.
Whale’s Strategic Asset Shift
A notable whale, using a wallet beginning with 0x37d, offloaded a massive 1.97 trillion PEPE coins for a lucrative $6.07 million on a major trading platform. This venture yielded a profit of $3.49 million. Following this significant divestment, the same investor redirected funds towards purchasing an imposing 75.9 billion SHIB tokens, representing a strategic pivot from PEPE to SHIB.
Market Impact of Whale’s Decisions
The reasons behind such a portfolio realignment remain a subject of intense speculation, but the move mirrors the latest developments in Shiba Inu’s sphere. The anticipation of new platform launches, community-driven token burning initiatives, and promising partnerships are among the factors believed to drive the whale’s investment choices.
These maneuvers have culminated in a dramatic surge in SHIB’s price, witnessing a 23.43% rally over a single day. This appreciation has elevated SHIB’s market capitalization and trading volume to $8.07 billion and $1.98 billion, respectively. On the other hand, PEPE’s price ascent was relatively tame, recording a 1.92% increase.
The post first appeared on BH NEWS: Whale Trading Prompts Meme Coin Market Movement
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