Whale Shifts Focus From SHIB With 68B PEPE Accumulation

A major player in the crypto market has shifted his attention from Shiba Inu (SHIB) to focus on Pepe Coin, a leading player in the meme coins sector. However, despite this shift, Pepe Coin experienced a dip in price today, contrasting sharply with SHIB’s notable gains of over 9%.

Meanwhile, the shift in focus of the trader was highlighted by Lookonchain, a platform tracking on-chain transactions, in their latest report.

Whale Shifts Focus To Pepe Coin From SHIB

Lookonchain’s recent report unveiled a significant transaction involving the withdrawal of a staggering 67 billion Pepe Coins, valued at $1.02 million, from the OKX exchange. The transaction signifies a shift in strategy for an investor who previously incurred substantial losses in Shiba Inu, having bought 40.9 billion SHIB at peak prices during the bullish phase, only to sell at a loss during the subsequent bear market.

According to the report, the trader accumulated the Shiba Inu coins for around $2.98 million when the price was high and sold it during the price dip phase. Notably, the whale made a loss of $2.55 million, or 85.5% with his SHIB trading.

Meanwhile, this strategic maneuver raises questions about the investor’s intentions and the potential for profit in the Pepe Coin market. With the whale’s previous misfortune in SHIB, all eyes are now on whether the newfound focus on Pepe Coin will yield better results, igniting curiosity and speculation within the crypto community.

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A Closer Look Into Market Response & Prices

The market response to the whale’s move has been mixed, with Pepe Coin witnessing a decline in price despite the influx of investment. In contrast, SHIB has enjoyed significant gains, highlighting the volatility and unpredictability inherent in the cryptocurrency landscape.

However, with the spotlight now on Pepe Coin, there is renewed optimism among its supporters regarding future prospects. The whale’s accumulation of a substantial amount of Pepe Coins could potentially signal confidence in the coin’s long-term viability, potentially attracting more investors and bolstering its market position.

In addition, the Pepe Coin has also witnessed robust gains over the past few days, which has sent the frog-themed meme coin to its all-time high. Besides, several large transactions of PEPE have also been witnessed in recent days, indicating the growing confidence of the investors towards the crypto.

As of writing, Pepe Coin price was down 9.37% and exchanged hands at $0.00001525, after touching a 24-hour high of $0.00001689. Notably, the crypto has witnessed a weekly surge of about 13%, while over the last 30 days, it added about 120%.

On the other hand, Shiba Inu price traded at $0.00002779, up 9.47%, while its trading volume skyrocketed 166.83% to $2.41 billion. Notably, the meme coin has touched a high of $0.00002933 and a low of $0.00002538 in the last 24 hours.

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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