Cryptocurrency markets have been shaken lately by stormy waves of meme coin projects. While these waves surprise investors, they reveal how expertly cryptocurrency whales (big investors) ride these waves. An incident that took place on February 29 clearly reveals this situation. Because a cryptocurrency whale made millions of dollars in profit sales on the meme coin named Pepe. Now he has withdrawn 75 billion Shiba Inu (SHIB) worth $893 thousand from Binance. This move indicates that the whale is migrating from Pepe to Shiba and is awaiting a rise in SHIB. Here are the details…
Meme coin whale’s new purchase
Recent fluctuations in cryptocurrency markets continue to attract the attention of investors. Sudden rises and falls, especially in meme coins, once again reveal the influence of whales (big investors) in this market. According to data provided by the on-chain analysis platform Spot On Chain, on February 29, a cryptocurrency whale sold millions of dollars in profits on the meme coin named Pepe (PEPE).
It was determined that the whale transferred 1.97 trillion PEPE worth $6.07 million to the Binance exchange. If this sale takes place, the whale is expected to make a profit of $3.47 million. Following his profit from PEPE, the whale withdrew 75 billion Shiba Inu (SHIB) worth $893 thousand from Binance. This move shows that the whale is expecting a rise in SHIB and is shifting his investment to this altcoin.
Recent rises in PEPE and SHIB
According to CoinGecko data, PEPE has gained 160% and SHIB has gained 43% in value in the last week. These increases can be interpreted as a result of whales directing their investments to meme coins. Although the impact of whales on the market is not always clear, it is known that they can cause sudden price movements in the coins they direct their investments to. Therefore, it is important for investors to follow whale movements and plan their investments accordingly.
The recent rises in PEPE and SHIB show that whales’ interest in these coins is increasing. Whales can buy large amounts of coins at a low price, causing the price to rise, and then sell to make a profit. However, it is not possible to say that whales always make the right investment. Therefore, it is important for investors to do their own research and plan their investments accordingly, rather than blindly following whale movements.
cryptokoin.com As we reported, meme coins are coins that experience sudden price movements, sometimes influenced by social media events such as tweets of celebrities such as Elon Musk. Therefore, it is necessary to be very careful when investing in these coins. As a result, the influence of whales is very important in cryptocurrency markets. It is important for investors to plan their investments accordingly by monitoring whale movements and doing their own research. It is necessary to be very careful, especially when investing in meme coins.
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