On February 29, there was a remarkable movement in the meme coin market, and it turned out that there were strategic moves of a big whale behind these movements. Powered by Spot On Chain to data According to reports, this whale made a significant transaction on the Pepe (PEPE) token and made millions of dollars in profit.
According to information provided by Spot On Chain, the whale in question transferred 1.97 trillion PEPE worth $6.07 million to the cryptocurrency exchange Binance on February 29. This huge amount indicates the whale’s potential to make a profit of $3.47 million if he sells. The remarkable aspect of this transaction is that the move to transfer PEPE to the stock market seems like a strategic move for a sale. Traders generally withdraw some of their earnings during rises and continue on their way by taking profits against possible declines.
However, this great movement was not limited to Pepe (PEPE). Whale withdrew approximately 75 billion Shiba Inu (SHIB) worth $893 thousand from Binance shortly after the PEPE transfer. This shows that the whale’s investment strategy is changing rapidly and bullish sentiment is now directed towards this popular altcoin. This situation once again emphasizes how important it is to keep up with the rapidly changing trends in the cryptocurrency market.
The development in question once again revealed the influence of the big players in the depths of the cryptocurrency market. The fact that whales can cause fluctuations in the market by transferring large amounts of crypto money reminds once again that investors should carefully monitor such moves.
Increased Activity by Large SHIB Investors
Earlier today, SHIB price reached a multi-month high of $0.00001473. This is an impressive indicator of the recent rise.
However, according to IntoTheBlock data, the 700% increase in large investor inflows is in line with the price increase. This shows that the interest of major investors in Shiba Inu (SHIB) has increased and this interest is reflected in the price.
Since February 25, a steady growth in major investor inflows has been observed. Entry from major investors indicates significant buying activity. These addresses generally prefer to make bulk purchases after significant declines. Therefore, sudden increases in large buyer flow could signal bottoms in the meme coin price.
If we look at the data in more detail, the increase in entries from SHIB 336.79 billion on February 25 to SHIB 2.08 trillion on February 28 shows the extent of activity among large owners of Shiba Inu. This shows that the influence of large owners is important in the increase in SHIB price.
You can follow the current price movement here.
