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06/06/2024

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PEPE & SHIB Prices Set to Rally

In the last 24 hours, a whale has bought over 200 billion coins combined in Pepe coin (PEPE) and Shiba Inu (SHIB), bringing optimism to these cryptocurrencies despite recent price fluctuations.

PEPE & SHIB Prices Set to Rally

In the last 24 hours, a whale has bought over 200 billion coins combined in Pepe coin (PEPE) and Shiba Inu (SHIB), bringing optimism to these cryptocurrencies despite recent price fluctuations.

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A whale recently acquired billions of PEPE and SHIB tokens amidst ongoing price volatility. Data reveals the whale’s significant holdings in these meme tokens, sparking optimism about their future movements. Despite recent price declines, crypto investors maintain hope and anticipate potential upward trends for SHIB and PEPE.

Whale Accumulates PEPE and SHIB Amid Price Volatility

In a surprising development amid the turbulent price action of meme coins over the past 24 hours, a whale has made substantial purchases of Pepe coin (PEPE) and Shiba Inu (SHIB) tokens, capturing global investor attention. Recent on-chain data reveals that the whale acquired 199 billion PEPE and 37 billion SHIB, sparking optimism about the future movements of these meme-based investments.

Despite both PEPE and SHIB experiencing significant price rallies during this year’s bull cycle, they continue to attract optimism for potential future gains, bolstered by the whale’s massive accumulations.

Whale Activity and On-Chain Insights

According to insights from ‘The Data Nerd,’ wallet address 0xa14 withdrew 199 billion PEPE tokens valued at $2.9 million from Binance. Additionally, the same address withdrew 37 billion SHIB tokens worth $964K in another transaction from the same exchange.

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Over a span of just 5 days, the trader withdrew a total of 349 billion PEPE tokens valued at $5.21 million from Binance. This accumulation significantly skewed the whale’s portfolio towards PEPE coin, which now accounts for 82% of their holdings, valued at $10.4 million. The remaining portion includes SHIB tokens, totaling $9.66 million.

These substantial accumulations underscore the whale’s strong confidence in PEPE and SHIB as investment products. The timing of these acquisitions has reignited bullish sentiments, countering market expectations of a downturn in PEPE’s price during a lull in the meme coin season.

Despite the notable buying pressure observed with these accumulations, both PEPE and SHIB tokens traded with extreme volatility throughout the day.

Current Price Action and Technical Analysis

As of the latest update, PEPE’s price experienced a slight decline of 1.14% over the past 24 hours, trading at $0.0000147, while SHIB’s price also dropped by 1.97% to $0.0000256.

PEPE’s Bullish Momentum and RSI Analysis: Despite the price drop, PEPE coin’s Relative Strength Index (RSI) remains near 60, indicating bullish momentum for the token. With continued buying pressure, PEPE could potentially experience further price increases as it has not yet entered an overbought region.

SHIB’s RSI and Burning Mechanism: On the other hand, SHIB’s RSI stands around 52, suggesting broader asset neutrality in the market. However, SHIB benefits from its burning mechanism, which continuously reduces the excessive supply of the asset, potentially paving the way for a positive outlook.

Surge in Futures Open Interest: Moreover, according to Coinglass data, both tokens recently saw a significant surge in futures Open Interest (OI). SHIB’s OI reached $99.37 million, while PEPE’s OI reached $183.03 million. This increase in investor enthusiasm for these assets adds to the overall optimism surrounding their future prospects.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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