As the broader crypto market shows signs of bouncing back, Shiba Inu and Pepe coin have caught the attention of investors, especially whales, who have been buying up large quantities of these tokens.
Amidst signs of recovery in the overall crypto market, Shiba Inu and Pepe coin have taken the spotlight. Recent on-chain data shows a remarkable surge in the accumulation of these coins. In the last 24 hours, whales, or large-scale investors, have collectively acquired a massive 624 billion PEPE and SHIB coins from exchanges. This unexpected development has stirred speculation among investors about the future price movements of these meme coins.
Whale Accumulations Spark Optimism for SHIB and PEPE
Amid recent market corrections, a sudden surge in whale accumulations surrounding Shiba Inu (SHIB) and Pepe coin (PEPE) has piqued interest in the broader crypto market. Despite the downturn, market sentiments are now filled with hope, fueling speculation of a potential continued bolstered price movement for both tokens.
According to data from an on-chain tracker, a whale operating via OKX, known by the address 0x10Dc, made significant acquisitions today. The whale accumulated a staggering 241.6 billion PEPE, valued at $1.75 million, followed by 53 billion SHIB, valued at $1.27 million, from the mentioned centralized exchange (CEX).
Meanwhile, another whale, identified by the address 0x1c6, withdrew a total of 329.3 billion PEPE from Binance and MEXC in the past 24 hours, further adding to the tokens’ optimistic buzz in the market. This significant buying activity of PEPE and SHIB has caught the attention of the cryptocurrency sector.
The substantial whale accumulations underscore a heightened sense of confidence and interest in the market’s assets, painting an optimistic outlook for their future. Additionally, on-chain derivatives data for Shiba Inu and Pepe coin further fuel immense optimism, aligning with the positivity generated by whale accumulations.
Shiba Inu and Pepe Coin Trading Activity
At the time of writing, Shiba Inu was trading at $0.00002333, experiencing a 0.80% decline over the past 24 hours. Similarly, Pepe coin was trading at $0.00000694, marking a 0.55% dip during the same period. Despite trading slightly in the red, SHIB reached a high of $0.00002461, while PEPE peaked at $0.000007585 earlier in the day.
Data from Coinglass indicated a 4.13% increase in SHIB’s open interest, accompanied by a significant surge of 48.16% in its derivatives volume. Similarly, PEPE saw a rise in open interest by 3.32%, along with a 35.45% increase in derivatives volume. These statistics highlight a heightened interest among investors in both tokens. However, it’s important to remember the volatile nature of the crypto market. Crypto enthusiasts continue to speculate on the future price movements of Shiba Inu and Pepe coin.
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