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A crypto whale has made a significant bet, opting to relinquish a significant chunk of his PEPE investment for the Shiba Inu native token, SHIB.
Whale Buys Billions Of SHIB
In a recent X (formerly Twitter) post, Lookonchain, a blockchain analytics platform has uncovered a strategic investment made by a crypto whale. According to the analytics platform’s findings, an anonymous crypto whale who previously invested heavily in the popular frog-themed PEPE token has abandoned its holdings to acquire SHIB.
Sharing a screenshot of a series of PEPE transactions on Etherscan, Lookonchain discovered that the whale deposited a staggering 1.97 trillion PEPE tokens worth over $6.07 million into Binance. Leveraging its strategic investment in this frog-themed cryptocurrency, the whale has amassed a substantial profit of $3.49 million, surpassing half of its initial $6 million investment.
Following this massive PEPE deposit, the whale purchased approximately $75.9 billion SHIB valued at $893,000,000 from Binance into an unknown crypto wallet. The decision to abandon its considerable PEPE position in favor of SHIB underscores the whale’s sentiment towards the doggy-themed meme coin, suggesting a potential upside for the cryptocurrency.
Recently, more individuals have been showing major interest in the Shiba Inu token, opting to invest in the popular meme coin in the hopes of making significant returns. Earlier in January 2024, SHIB whale transactions saw a spike of over 1300%, highlighting the elevated demand for the doggy-themed token.
Bitcoin is now trading at $61.991. Chart: TradingView.com
The underlying motivations behind these large-scale transactions remain undisclosed. However, it’s not uncommon for significant whale activities to trigger a price rally for a cryptocurrency. At the moment the broader crypto community is still closely watching the effects of these developments and their potential influence on the dynamics of the SHIB market.
SHIB Price Soars
Lately, SHIB has been witnessing significant gains, propelling its price to unprecedented levels. According to data from CoinMarketCap, over the past 24 hours, SHIB has recorded an almost 60% increase in its price value.
At the time of writing, the cryptocurrency is trading at $0.000020, reflecting a 59.81% surge in just a day and an impressive 113.83% rise in the last seven days. These price leaps have been attributed to the success of its ongoing SHIB burns and the rapid growth of its ecosystem and community.
Currently, SHIB boasts a market capitalization of over $11 billion and has experienced a 140.35% increase in its 24-hour trading volume, pushing it to over $4 billion. Furthermore, derivatives data unveiled by Coinglass has suggested a potential continued uptrend for SHIB, aligning with the pump experienced in the past few days.
The data has revealed a 74.06% rise in Shiba Inu’s open interest and a 220.54% surge in volume. This indicates a significant upside for the cryptocurrency, underscoring the token’s strength and prevalence in the broader cryptocurrency market.
Featured image from Pexels, chart from TradingView
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