A significant move has shaken the crypto market as a whale relinquishes a substantial portion of their PEPE investment in favor of Shiba Inu’s native token, SHIB.
According to Lookonchain, a blockchain analytics platform, an anonymous crypto whale has strategically shifted their investment focus.
Previously heavily invested in the frog-themed PEPE token, the whale has now redirected their holdings towards SHIB, a move that has caught the attention of the crypto community.
The analytics platform revealed that the whale deposited a staggering 1.97 trillion PEPE tokens, valued at over $6.07 million, into Binance.
This strategic maneuver resulted in a profit of $3.49 million, exceeding half of their initial $6 million investment in PEPE.
Following this massive PEPE deposit, the whale acquired approximately $75.9 billion SHIB, worth $893 million, from Binance, transferring it to an undisclosed crypto wallet.
This shift underscores the whale’s confidence in SHIB’s potential, sparking speculation about future gains for the meme-inspired cryptocurrency.
Interest in SHIB has surged in recent times, with investors eyeing substantial returns. In January 2024, SHIB whale transactions spiked by over 1300%, indicating a growing demand for the dog-themed token.
While the motivations behind these large-scale transactions remain undisclosed, such whale activities often trigger price rallies within the cryptocurrency market.
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The broader crypto community is closely monitoring the impact of these developments on SHIB’s dynamics.
SHIB’s price has experienced remarkable gains, with a nearly 60% increase in the past 24 hours, trading at $0.000020 at the time of writing.
Over the last seven days, SHIB has surged by an impressive 113.83%, driven by successful SHIB burns and the expansion of its ecosystem and community.
With a market capitalization surpassing $11 billion and a 24-hour trading volume exceeding $4 billion, SHIB continues to attract attention.
Derivatives data indicates a potential uptrend for SHIB, with a 74.06% rise in open interest and a 220.54% surge in volume, highlighting the token’s strength and prominence in the cryptocurrency market.
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