Whales Buy 624 Bln In SHIB & PEPE, Price Rally To Continue?

In an unprecedented turn of events, amidst the broader crypto market’s portrayal of recovery, Shiba Inu & Pepe coin have emerged as the center of attention. The crypto horizon is ablaze with on-chain data revealing an unprecedented surge in the accumulation of these coins.

In the past 24 hours, large-scale investors, commonly referred to as ‘whales ‘, collectively accumulated a staggering 624 billion PEPE & SHIB coins from exchanges. This development has sent shockwaves through the global crypto community, with investors speculating over the meme coins’ price action ahead.

Shiba Inu & Pepe Whale Accumulations Ignite Market Optimism 

Coming subsequent to recent market corrections, the sudden spike in whale accumulations surrounding SHIB and PEPE has sparked curiosity in the broader crypto market. Despite the downturn, market sentiments are now brimming with hope, igniting speculations of a potential continued bolstered price movement for Pepe coin and Shiba Inu.

According to data from an on-chain tracker, a whale going by the address 0x10Dc, operating via OKX, has made a significant stride today. The whale accumulated a whopping 241.6 billion PEPE, valued at $1.75 million, followed by 53 billion SHIB, valued at $1.27 million, from the abovementioned CEX. 

Whereas, another whale 0x1c6 withdrew 329.3 billion PEPE in total from Binance and MEXC in the past 24 hours, adding to the tokens’ optimistic buzz in the market.

This colossal buying of PEPE & SHIB has turned heads across the cryptocurrency sector.

Intriguingly, such colossal whale accumulations underline a sense of heightened confidence and interest in the market’s assets, in turn painting an optimistic outlook for their future. Simultaneously, Shiba Inu & PEPE on-chain derivatives data further propelled immense optimism on the tokens, aligning with the optimism birthed by whale accumulations.

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 SHIB & PEPE Price Actions

As of writing, Shiba Inu traded at $0.00002333, with a 0.80% drop in the past 24 hours. Pepe coin traded at $0.00000694 with a 0.55% dip over the past day. Although the tokens traded marginally in the red at press time, it’s worth noting that SHIB traded as high as $0.00002461 today, whereas PEPE traded as high as $0.000007585. 

Coinglass data revealed a 4.13% surge in SHIB’s open interest, whereas its derivatives volume rocketed 48.16%. Simultaneously, PEPE’s open interest jumped 3.32%, accompanied by a derivatives volume rise of 35.45%. This underscored a sense of heightened interest among investors for the tokens, although it’s worth keeping in mind the turbulent nature of the crypto realm. Crypto market enthusiasts continue to speculate over Shiba Inu and Pepe coin’s price action ahead.

Also Read: Shiba Inu Price Rallies Following Major Exchange Listing, Is $0.00003 Next?