A crypto whale has made a bold move, selling off a huge chunk of their PEPE investment to buy Shiba Inu (SHIB).
Massive SHIB Purchase
According to blockchain analytics firm Lookonchain, the whale sold 1.97 trillion PEPE tokens for $6.07 million on Binance. They then used the profits to buy $75.9 billion SHIB, worth $893 million.
Whale’s Motivation
The whale’s decision to switch from PEPE to SHIB shows their belief in the potential of the doggy-themed meme coin. SHIB has seen a surge in popularity lately, with whale transactions increasing by over 1300% in January 2024.
SHIB Price Surge
The whale’s purchase has helped boost SHIB’s price, which has soared by almost 60% in the past 24 hours. At the time of writing, SHIB is trading at $0.000020, up 113.83% in the past week.
Market Reaction
The crypto community is closely watching the whale’s move and its potential impact on SHIB’s market dynamics. Derivatives data suggests a possible continued uptrend for SHIB, with a rise in open interest and volume.
