PEPE & SHIB Prices To Rally? Massive Buying Hints More Gains Ahead

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As a researcher with a background in cryptocurrency analysis, I find this recent development in the meme coin market particularly intriguing. The massive accumulation of Pepe coin (PEPE) and Shiba Inu (SHIB) tokens by a whale investor has caused quite a stir, raising optimism among investors about these investment products’ potential future movements.

In an exhilarating twist of events, as meme coins experienced volatile price swings over the past day, a large investor has been observed amassing substantial quantities of Pepe coin (PEPE) and Shiba Inu (SHIB) tokens. This development has piqued the interest of investors around the world. According to on-chain data, approximately 199 billion PEPE and 37 billion SHIB have been acquired in recent transactions, sparking market enthusiasm about the potential future directions of these meme-driven investment products.

Despite the strong price increases experienced during this year’s bull market, Pepe coin and Shiba Inu tokens remain optimistic, with expectations of further gains. This is supported by the substantial accumulations previously mentioned. Let’s explore the current price trends and on-chain data for SHIB and PEPE in greater detail.

Whale Obsessed With Meme Coins Sacks Billions

Based on the information provided by “The Data Nerd” through on-chain analysis, whale 0xa14 has taken out approximately 199 billion PEPE tokens, valued at around $2.9 million, from Binance, the prominent crypto exchange. Additionally, this same wallet address has also withdrawn roughly 37 billion SHIB tokens, equivalent to approximately $964,000, in another transaction from the same exchange.

As a crypto investor, I’ve noticed some intriguing movements in my portfolio over the past week. Specifically, within just five days, I managed to withdraw an astounding 349 billion PEPE tokens, equivalent to a value of approximately $5.21 million, from Binance. These large-scale transactions have drastically altered the composition of my holdings. Currently, over 82% of my total portfolio, which amounts to around $10.4 million, is allocated to Pepe coin. The remaining portion of my investments, worth about $9.66 million, consists of Shiba Inu tokens.

The data highlights the significant trust whales have placed in the mentioned investment products based on memes. Notably, their accumulation fueled optimism among investors at a time when the market believed that PEPE‘s price had peaked and the season for meme coins was coming to an end.

At the same time, both Pepe coin and Shiba Inu experienced robust purchasing activity, leading to notable accumulations. However, their prices exhibited high volatility throughout the day.

SHIB & PEPE Prices Tumble, What’s Ahead?

At present, the value of PEPE decreased by 1.14% over the last 24 hours to reach $0.0000147. Simultaneously, SHIB experienced a price decline of 1.97%, setting its current value at $0.0000256.

Despite Pepe coin’s Relative Strength Index (RSI) being close to 60, suggesting a bullish trend for the token, there is still room for growth if purchasing activity continues. The cryptocurrency has not yet reached an overextended level.

As a crypto investor, I’ve observed that SHIB‘s Relative Strength Index (RSI) hovered around the 52 mark, indicating a more balanced market condition. However, it’s essential to note that SHIB’s unique burning mechanism is consistently eliminating an excessive supply of tokens in circulation. This continuous process could potentially foreshadow a positive outlook for the asset in the future.

Furthermore, according to Coinglass data, both SHIB and PEPE experienced substantial growth in futures open interest (OI). Specifically, the OI for SHIB reached $99.37 million, while that of PEPE stood at $183.03 million. This information strengthens the positive sentiment towards these tokens, indicating heightened investor interest.

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2024-06-06 11:46