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⚠️ SHIB and PEPE Print Triple-Digit Surge in Large Transactions
There is an ongoing revival in the broader digital currency ecosystem, and meme coins like Shiba Inu (SHIB) and PEPE are riding the waves. At the time of writing, the meme coin ecosystem is trading up by 4.47% in 24 hours to $58,026,790,606. Shiba Inu and PEPE are up by 2.34% and 14.07% to $0.00002246 and $0.00001367, respectively.
🔸 More Correlated Bullish Metric
Besides the uniformity in the price surge, these meme coins have seen a triple-digit increase in large transaction counts from whales in their respective ecosystems.
Per data from crypto analytics platform IntoTheBlock, SHIB has seen a 170.84% surge in its large transactions in 24 hours, with the volume traded reaching $467.2 million. This massive whale transaction resulted from 436 recorded transactions, totaling 21.62 trillion Shiba Inu tokens.
PEPE recorded a similar boost, with large transactions soaring by 127.87% to $174.07 million. Just like Shiba Inu, PEPE whales conducted a total of 419 transactions worth more than $100,000 in 24 hours. Notably, while Shiba Inu recorded a 21.62 trillion SHIB trade, PEPE managed 13.62 trillion tokens in the same time span.
A similar trend in both meme coins' bullish metrics underscores their positive correlation. It remains to be seen if the whale impact can sustain ongoing growth in the long term.
🔸 Where the Difference Lies
The correlation in the meme coin ecosystem is most beneficial to PEPE, as it lacks major internal fundamentals driving its bullish surge.
Despite these differences, both Shiba Inu and PEPE are competing for dominance, establishing a nearly lifelong rivalry between the two tokens.
$SHIB $PEPE #shiba⚡ #PEPE

Why Bitcoin has been falling since beginning of June!

Bitcoin is currently down as investors fear the S&P 500 might have topped. The prices coincided with the S&P 500 futures after it peaked at an all-time high of 5,368 points in the last week. This led to a surge in the dollar, which has, in turn, put pressure on assets like cryptocurrencies.

The anticipation of the U.S. Securities and Exchange Commission’s (SEC) final decision on the spot ether ETFs was also a factor in the BTC dip. Although it has been approved by the SEC, there has been no significant change in the prices of Bitcoin. The price performance of Bitcoin in the last 4 days is $68,183 (low) and $69,506 (high).

The value of Bitcoin had declined around 19.59% from its peak of $73,750, with BTC dropping below $60,000 in the first week of the month. Currently, the markets are grappling with regulatory exploration, with the Securities and Exchange Commission’s renewed vigor against significant players in the crypto world like Consensys.

On the other hand, the hype is cooling around the Spot Bitcoin ETFs. Blackrock ETF experienced outflows for the first time since it began trading in January, with nearly a net $36.9 million leaving the fund. This indicated that even institutional investors are not immune to market sentiments and Fear, Uncertainty, and Doubt (FUD).

#$BTC #ETHETFsApproved #$BNB #EtheruemETF #ETH🔥🔥🔥🔥