An anonymous whale sold 1.97 trillion PEPE for $6.07M, then purchased $75.9B SHIB for $893M, boosting market interest in SHIB.
SHIB’s price rose 5.32% in 24 hours and 7% in a week, influenced by trading activity and speculation on a potential SHIB ETF.
Ethereum spot ETFs’ SEC approval sparks speculation about a SHIB ETF, driving increased trading activity and investor interest.
Lookonchain, an analytics platform, recently highlighted an anonymous whale shifting investments from PEPE to SHIB. Initially, this whale held 1.97 trillion PEPE tokens valued at over $6.07 million. The investor deposited these tokens into Binance, realizing a profit of $3.49 million.
A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT
— Lookonchain (@lookonchain) February 29, 2024
Subsequently, the whale acquired approximately $75.9 billion SHIB for $893 million. These assets were transferred to an undisclosed wallet. This shift from PEPE to SHIB underscores the investor’s confidence in Shiba Inu. Some market watchers speculate this trend might resume, contributing to the recent SHIB upsurge.
As of press time, SHIB is trading at $0.00002881. SHIB is up 5.32% in the last 24 hours and 7% in the last week. Concurrently, PEPE is valued at $0.00001493 showcasing a 5.13% decrease in the past 24 hours and 14.21% growth over the week. This increase is attracting the interest of traders and investors.
Moreover, World Of Charts, a crypto analyst noted that SHIB is moving towards targets and has already achieved over 20% profit. Anticipation surrounding a potential SHIB exchange-traded fund (ETF) and increased trading activity have contributed to this rise. Additionally, the U.S. Securities and Exchange Commission’s approval of Ethereum spot ETFs has fueled discussions about a possible SHIB ETF, further influencing market sentiment.
$ShibMoving Towards Targets Running In 20%+ Profit So Far#Crypto #Shib https://t.co/NND7z9WVDd pic.twitter.com/JXcHRVrgJQ
— World Of Charts (@WorldOfCharts1) May 29, 2024
Technical indicators also support the bullish outlook for SHIB. The Relative Strength Index (RSI) on the daily price chart indicates a neutral position that SHIB is neither overbought nor oversold. Traders interpret this as a potential continuation of the current trend.
Source: TradingView
Additionally, the Moving Average Convergence Divergence (MACD) on the daily price chart reads 0.00000049. This suggests a potential bullish trend reversal, as the MACD line is above the signal line. Traders look for confirmation from other technical indicators before making trading decisions.
Read More:
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PEPE Shakes Crypto World: ADA, DOT, XRP, DOGE, SHIB Dethroned
SHIB’s Unstoppable Surge: Whale Adds $2.64 Million, Time to Surf the Surge
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