Coingape Staff
In a significant gust of developments witnessed across the cryptocurrency realm recently, meme coins like PEPE, SHIB, and DOGE appear to be gaining substantial traction among crypto market enthusiasts across the globe following a noteworthy price rally witnessed by these coins. Among these coins, PEPE and SHIB rallied a torrent of speculative buzz among crypto market traders and investors globally as a smart whale recently dumped a staggering 1.97 trillion PEPE to a CEX, whereas it accumulated nearly 76 billion SHIB instead.
Meanwhile, both PEPE and SHIB rallied today, birthing speculations over the whale’s changing of positions. Shiba Inu’s recent advancements appear to primarily support this massive change of position, following the smart whale’s nabbing of colossal profits with its PEPE dump.
A Closer Look Into The Report
According to the data spotlighted by LookonChain, the smart whale, going by the address 0x37d…, deposited 1.97 trillion PEPE, worth $6.07 million, to Binance, a renowned cryptocurrency exchange. This aided the whale in garnering a profit worth $3.49 million, nabbing global attention.
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. pic.twitter.com/nL7rRDZCXT
— Lookonchain (@lookonchain) February 29, 2024
Subsequently, the address accumulated 75.9 billion SHIB, showcasing a change of position while also fueling additional speculations. These Shiba Inu coins, mentioned previously, were also acquired from Binance, hinting at the whale’s shift in interest.
Intriguingly, Shiba Inu’s recent noteworthy developments, including the imminent KININE launch, SHEboshi’s inception, continuous burning of SHIB, and partnership with Zama, among many others, appear to be primarily weighing in on the whale’s decision to dump one meme coin while accumulate the other.
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SHIB & PEPE Jump
As of writing, the Shiba Inu price noted an upswing of 23.43% over the past 24 hours and is currently trading at $0.00001372. The dog-based meme coin’s market cap and trading volume surged 23.64% and 115.65%, reaching $8.07 billion and $1.98 billion, respectively. This phenomenal surge appears to come due to the continued burning of SHIB by the meme coin’s community, escorted by recent developments, as mentioned above.
Meanwhile, Pepe coin’s price showcased a volatile movement today, recording marginal dips briefly. As of writing, even PEPE jumped 1.92% in the past 24 hours and is currently trading at $0.000003012. The meme coin’s market cap jumped by 1.93%, reaching $1.27 billion, while the 24-hour trading volume rose 23.62%, reaching $1.93 billion. Although PEPE showcased phenomenal gains today, its marginal jump as of press time appears to come as a result of the massive dump mentioned above.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
