Whale investors have been stirring the crypto waters with their recent trading activities, revealing a notable pivot towards Shiba Inu (SHIB) after divesting from PEPE (PEPE). A single whale transaction marked the sale of a colossal 1.97 trillion PEPE tokens valued at over $6 million. This strategic move resulted in a hefty profit of nearly $3.5 million for the investor. Swiftly reallocating their funds, the whale acquired an impressive haul of 75.9 billion SHIB tokens, investing close to $900,000 into the popular meme cryptocurrency.
PEPE Price Takes a Hit
Following the whale’s exit, PEPE saw a significant price drop of 17.71%, indicating a market correction from its recent peak. The Relative Strength Index (RSI) for PEPE pointed to a value of 67, reflecting the sudden change in market dynamics and investor sentiment.
Shiba Inu’s Network Activity Surges
Despite the whale-driven interest, SHIB’s price did not escape a dip, declining by 5.91% over the last day. However, contrasting the price trend, SHIB’s network data painted a more positive picture with an uptick in new wallet addresses and a surge in transaction velocities, suggesting heightened activity within its ecosystem.
The SHIB ecosystem’s token burning mechanism also saw an unprecedented increase, with a staggering 3.7 million tokens incinerated in a single day, marking an eye-catching boost of over 30,000%. Meanwhile, the Shibarium network, a key component of the Shiba Inu infrastructure, experienced a decline in new account registrations, offering a different angle on the ecosystem’s evolving dynamics.
These whale movements and contrasting network signals have sparked curiosity about the underlying drivers of market behavior for SHIB, as investors and analysts continue to monitor the evolving landscape of meme cryptocurrencies.