Pepe PEPE/USD and Shiba Inu SHIB/USD are seeing strong interest from whales, which prompted traders to remain optimistic about their future price trajectories.
What Happened: On-chain data analytics platform The Data Nerd noted one whale withdrawing 199 billion PEPE ($2.9 million) and 37 billion SHIB ($964,000) within the past 12 hours. Over the last five days, this whale has withdrawn a total of 349 billion PEPE, valued at around $5.21 million.
Currently, 82% of this whale’s portfolio consists of PEPE, valued at around $10.4 million, and SHIB, worth about $9.66 million.
Price Action: In the past 24 hours, PEPE and SHIB are trading 2% higher and 0.3% down, respectively.
Why It Matters: Large transactions often impact cryptocurrencies’ liquidity and price stability. Investors and traders closely monitor such activities to gauge market sentiment and possible future price actions.
A recent Whale Insider tweet stated that PEPE has reached over 240,000 holders as "analysts call for $10 billion market cap valuation over the coming weeks." Currently, PEPE is valued at $6.2 billion, with a 65% increase reported in the past month. IntoTheBlock data noted that 88% of PEPE holders are currently in profit.
One trader doubled down on bullish predictions, calling for $10 to $12 billion for PEPE.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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