The cryptocurrency market witnessed a curious turn of events recently, with a whale accumulating massive amounts of meme coins Pepe (PEPE) and Shiba Inu (SHIB) amidst price turbulence. This has sparked renewed optimism among investors regarding the future trajectory of these meme-based tokens.
On-chain data reveals a single wallet, identified as “0xa14” by The Data Nerd, scooped up a staggering 199 billion PEPE tokens, valued at roughly $2.9 million, from Binance, the world’s leading crypto exchange. This whale also withdrew 37 billion SHIB tokens, worth approximately $964,000, from the same exchange in a separate transaction.
Further analysis indicates that within a mere five days, this whale has withdrawn a colossal 349 billion PEPE tokens, valued at $5.21 million, from Binance. These hefty accumulations have significantly skewed the whale’s portfolio towards PEPE, with the meme coin now accounting for a dominant 82% share, worth a total of $10.4 million. The remaining holdings comprise Shiba Inu, valued at $9.66 million.
This significant buying spree by the whale underscores their immense confidence in the potential of PEPE and SHIB. Notably, this accumulation comes at a time when some market analysts believed PEPE’s price had reached its peak and the meme coin season was fading.
However, despite the substantial buying pressure, both PEPE and SHIB experienced price volatility in the last 24 hours. At the time of writing, PEPE’s price dipped by 1.14%, hovering around $0.0000147, while SHIB’s price declined by 1.97%, settling at roughly $0.0000256.
Interestingly, PEPE’s Relative Strength Index (RSI) stood near 60, indicating potential for a bullish upswing. With continued buying pressure, the token could experience further price appreciation, especially considering it hasn’t yet reached the overbought zone.
SHIB’s RSI, on the other hand, rested around 52, suggesting market neutrality for the asset. However, it’s important to note that SHIB’s burning mechanism consistently eliminates excess supply, potentially paving the way for a more optimistic future.
Also Read: Bitcoin Soars Past $63,000 as Meme Coins Dogecoin, Shiba Inu, and PEPE See Double-Digit Gains
Adding to the bullish sentiment, data from Coinglass reveals a significant surge in futures Open Interest (OI) for both tokens. SHIB’s OI currently sits at $99.37 million, while PEPE’s OI stands at $183.03 million. This data suggests increased investor enthusiasm for these meme coins.
While the recent price dip might cause some apprehension, the whale’s substantial accumulation and rising futures OI paint a potentially bright picture for the future of PEPE and SHIB. Only time will tell if this translates to a full-blown meme coin rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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