Memecoin battle: Are whales ditching PEPE for SHIB?

  • Whale shift their attention from PEPE to SHIB.
  • PEPE and SHIB both face correction.

In the dynamic landscape of meme cryptocurrencies, recent market movements suggested a large shift in whale interest from PEPE [PEPE] to Shiba Inu [SHIB]. 

Moving on to other coins

This was showcased by Lookonchain’s data. It was seen that a whale decided to divest from PEPE, liquidating a substantial 1.97 trillion PEPE tokens, equivalent to a staggering $6.07 million.

Remarkably, this calculated move resulted in a hefty profit of $3.49 million for the whale. Following the exit from PEPE, the whale swiftly redirected attention towards Shiba Inu, acquiring 75.9 billion SHIB tokens at a value of $893,000.

Source: X

Despite the pronounced whale interest, PEPE experienced a notable correction in its price trajectory. After testing the $0.00003563 level, the price plummeted by 17.71%.

The Relative Strength Index (RSI) stood at 67, reflecting the impact of the correction on PEPE’s overall market sentiment.

PEPEUSD 2024 03 01 15 20 28.png

Source: Trading View

On the SHIB front, even with the infusion of new interest from whales, the token encountered a 5.91% decline in price within the last 24 hours.

Examining network metrics, SHIB displayed contrasting signals. Network growth surged, indicating an influx of new addresses and heightened interest despite the price downturn. An uptick in interest from new addresses could help SHIB grow to new heights.

Concurrently, the velocity of SHIB transactions increased, underscoring a growing number of token movements within the ecosystem.

This paradoxical combination of price decline and heightened network activity raises questions about the potential drivers behind SHIB’s market behavior.

SHIBA INU SHIB 14.19.19 01 Mar 2024.png

Source: Santiment

Delving into the tokenomics of SHIB, the burning of tokens witnessed a substantial uptick, with 3.7 million tokens burnt in the past 24 hours. This marked a notable increase of 30187.99%.

This burning activity, often associated with scarcity and increased value potential, can help SHIB’s price growth in the future.

Screenshot 2024 03 01 at 2.20.12 PM.png

Source: X

How much are 1,10,100 SHIBs worth today?

Though network metrics show resilience, the broader Shiba Inu ecosystem witnessed a decline.

The creation of new accounts on Shibarium, an integral part of the Shiba Inu ecosystem, experienced a notable decrease. This dip in new account creation introduces an additional layer of complexity to the evolving dynamics within the Shiba Inu ecosystem.

Screenshot 2024 03 01 at 2.20.59 PM.png

Source: Shibarium

Next: Why OpenSea NFT sales plummeted to a 3-year low in February

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