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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.
