A prominent cryptocurrency whale has made a number of calculated deals involving the well-known meme currencies Shiba Inu (SHIB) and Pepe (PEPE), in a move that has garnered attention from the cryptocurrency community and is consistent with a broader positive trend on the market. The well-known bitcoin expert Lookonchian initially made the transactions public by going into depth about the whale’s movements on social media.
The anonymous investor transferred an astounding 1.97 trillion PEPE tokens, worth over $6.07 million, to Binance, a well-known cryptocurrency exchange, according to Lookonchian’s tweet. The whale made $3.49 million from this trade, demonstrating the investor’s timeliness and skill in navigating the erratic cryptocurrency market. After extracting a sizable profit, the whale turned its attention to Shiba Inu, another well-known meme currency. Three hours later, they removed 75.9 billion SHIB tokens, or $893,000, from Binance.
https://x.com/lookonchain/status/1763039924948005139?s=20
Meme coin resurgence
This round of transactions coincides with a rebound in the cryptocurrency market, as Bitcoin has surpassed $62,000. Bullish optimism in the market seems to have helped other cryptocurrencies as well, such as SHIB, whose value has increased significantly. SHIB’s price increased by 26.37% in the past day, while its 24-hour trading volume reached $2 billion, a 114.80% increase.
On the other hand, Pepe had a little decline throughout that time, with a 4.47% decrease in price. PEPE has had a notable increase of 146.73% in the last week despite this decline. The 24-hour number for the meme coin, which was $1.9 billion, represents a notable rise in trading volume of 18.66%.
The whale’s shift between PEPE and SHIB in the midst of these market conditions highlights how risky cryptocurrency trading is, as big investors may have a significant influence on market trends and coin values. These incidents also draw attention to the increasing interest in and speculative investment in meme currencies, which—despite their lighthearted beginnings—have grown to be a substantial component of the cryptocurrency market.
