As the cryptocurrency market shows signs of recovery, meme coins look set to dominate the scene. While overall market enthusiasm is still cautious, Shiba Inu (SHIB) and Pepe coin (PEPE) have emerged as standouts thanks to intense interest from whales.
Whales collect billions of SHIB and PEPE coins
On-chain data reveals a never-before-seen phenomenon. In the last 24 hours, whales, large investors with significant purchasing power, accumulated a total of 624 billion SHIB and PEPE coins. This extraordinary move created a stir in the crypto community and led to speculation about the future price movements of these meme coins.
A whale with the address 0x10Dc and trading on OKX attracted attention by purchasing 241.6 billion PEPE (valued at $1.75 million) and 53 billion SHIB (valued at $1.27 million). Another whale with address 0x1c6 further reinforced the optimistic atmosphere by withdrawing a total of 329.3 billion PEPE from Binance and MEXC in the same time period.
Whale movements increase optimism
This massive wave of buying demonstrates whales’ high confidence and renewed interest in SHIB and PEPE. This is further supported by the increase in on-chain derivative data for both tokens. This shows that investors are betting on potential increases in SHIB and PEPE prices. However, the meme coin party may not be limited to SHIB and PEPE. While these two coins are the favorites of whales, the first meme coin Dogecoin (DOGE) has also witnessed significant whale transactions recently.
A single whale purchased 150 million DOGE (more than $21 million) from Robinhood and then purchased another 76.31 million DOGE. These transactions have triggered speculation about a possible price rally in the coming days, despite the recent decline in DOGE price. However, unlike SHIB and PEPE, DOGE has not yet observed a significant price increase.
While the recent whale activity in meme coins is notable, it is important to remember that the cryptocurrency market is inherently volatile. The current optimism surrounding SHIB, PEPE, and potentially DOGE could translate into price increases. However, it is possible that this enthusiasm will fade and lead to price corrections.
Ethereum whales are also taking action
Besides meme coins, Ethereum whales have also been exhibiting remarkable movements lately. On April 30, a whale tracked by WhaleStats withdrew 5,946 ETH worth $16.5 million from Coinbase. This can be interpreted as a sign of interest in Ethereum and the expectation of a potential price increase. While the cryptocurrency market in general remains in limbo, meme coins and Ethereum whales are witnessing interesting developments. Investors should carefully consider the potential opportunities and risks in these areas.
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