Altcoin
PEPE & SHIB Prices To Rally? Massive Buying Hints More Gains Ahead
In a riveting turn of events, amidst meme coins’ turbulent price action witnessed in the past 24 hours, a whale has been recorded bagging colossal amounts of Pepe coin (PEPE) and Shiba Inu (SHIB) tokens, nabbing investor attention across the globe. On-chain insights reveal 199 billion PEPE and 37 billion SHIB were purchased recently, birthing market optimism surrounding the meme-based investment products’ future movements.
Despite the already impressive price rally taken during this year’s bull cycle, Pepe coin and Shiba Inu tokens continue to shine with optimism for future gains. This is further evidenced by the significant accumulations mentioned above. Let’s dive deeper into the current price action and on-chain stats of SHIB & PEPE.
Whale Obsessed With Meme Coins Sacks Billions
According to the on-chain insights facilitated by ‘The Data Nerd, ‘ the whale 0xa14 has withdrawn 199 billion PEPE, worth $2,9 million, from Binance, the world’s leading crypto exchange. Moreover, the same wallet address withdrew 37 billion SHIB, worth $964K, from the same exchange in another transaction.
Data reveals that within a span of 5 days, the trader has withdrawn a staggering 349 billion PEPE, valued at $5.21 million, from Binance. These accumulations have significantly tilted the whale’s portfolio towards Pepe coin, accounting for 82% of the total, worth $10.4 million. The remaining holdings include Shiba Inu, totaling $9.66 million.
This data underscores the whale’s immense confidence in the abovementioned meme-based investment products. Also, it’s worth spotlighting that the accumulation ignited bullish sentiments just when the market thought PEPE’s price had topped while the meme coins season waned.
Simultaneously, despite the significant buying pressure on Pepe coin and Shiba Inu with the abovementioned accumulations, the tokens traded with extreme volatility today.
Also Read: Cardano, Shiba Inu, Jasmy Grabs Interest Of Big Whales, Trigger Buy Signal
SHIB & PEPE Prices Tumble, What’s Ahead?
As of writing, PEPE’s price fell 1.14% in the past 24 hours to $0.0000147, while SHIB’s price dropped 1.97% to $0.0000256.
Nonetheless, Pepe coin’s RSI stood near 60, signaling bullish momentum for the token. With further buying pressure, the crypto could pump even more as it has yet to reach an overbought region.
Besides, SHIB’s RSI was somewhere around 52, illustrating broader asset neutrality in the market. Nonetheless, SHIB’s burning mechanism constantly kills the excessive supply of the asset, potentially painting an optimistic picture ahead.
Additionally, Coinglass data shows that both tokens witnessed a significant surge in futures OI recently, with SHIB’s OI at $99.37 million and PEPE’s OI at $183.03 million. This data adds to the optimism, underlining increased investor enthusiasm for these assets.
Also Read: Bitcoin Price Eyes New All-Time High Soon As Per 3 On-Chain Indicators
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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