As a researcher with experience in the digital currency ecosystem, I find it fascinating to observe the current revival and the surge of meme coins like Shiba Inu (SHIB) and PEPE. The uniformity in their price surges is noteworthy, with SHIB and PEPE up by 2.34% and 14.07%, respectively. However, the real interesting metric lies in the large transaction count from whales.
The digital currency market is experiencing a resurgence, with meme coins such as Shiba Inu (SHIB) and PEPE being among the gainers. At present, the total trading volume of meme coins amounts to $58,026,790,606, representing a 4.47% increase in the last 24 hours. Specifically, Shiba Inu and PEPE have risen by 2.34% to $0.00002246 and 14.07% to $0.00001367 respectively.
More correlated bullish metric
In addition to the price increase consistency among meme coins, there has been a significant uptick in large-volume transactions by whales within each of their individual markets.
As a crypto investor, I’ve noticed some intriguing data from IntoTheBlock’s analytics platform regarding SHIB. There’s been a significant increase of 170.84% in large transactions within the last 24 hours, resulting in a substantial volume traded worth approximately $467.2 million. This surge can be attributed to 436 notable whale transactions, collectively involving over 21.62 trillion Shiba Inu units.
PEPE experienced a significant surge, as large transactions jumped by an impressive 127.87% to reach $174.07 million. Similar to Shiba Inu, PEPE‘s prominent investors executed 419 transactions worth over $100,000 within the last 24 hours. Notably, while Shiba Inu recorded a massive trade volume of 21.62 trillion SHIB tokens, PEPE handled 13.62 trillion tokens during the same period.
The strong similarity in the upward trends of meme coins’ key indicators highlights their significant correlation. It remains to be observed whether the influence of large investors, or “whales,” will continue to support their growth in the future.
Where difference lies
In the world of meme coins, PEPE experiences the most advantageous correlation due to its scarcity of significant internal factors propelling its bullish trend.
The token differs from Shiba Inu in that it doesn’t have Shibarium and instead focuses on extensive burning efforts to provide enduring value to its holders.
Although they exhibit distinct characteristics, Shiba Inu and PEPE find themselves locked in a long-standing competition for supremacy within the cryptocurrency market.
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2024-06-12 19:04