Shiba

Shiba Inu

A crypto whale has made a significant bet, opting to relinquish a significant chunk of his <a href="https://bitcoinist.com/why-is-pepe-price-up-50-today/" target="_blank" rel="noopener ">PEPE</a> investment for the Shiba Inu native token, <a href="https://bitcoinist.com/shiba-inu-price-analysis-predicting-the-path-of-shiba-inu-today/" target="_blank" rel="noopener ">SHIB</a>.&nbsp; 
<h2 id="b-whale-buys-billions-of-shib-b">Whale Buys Billions Of SHIB</h2> 
In a recent X (formerly Twitter) post, Lookonchain, a blockchain analytics platform has <a href="https://x.com/lookonchain/status/1763039924948005139?s=46" target="_blank" rel="noopener nofollow">uncovered</a> a strategic investment made by a crypto whale. According to the analytics platform’s findings, an anonymous crypto whale who previously invested heavily in the popular frog-themed<a href="https://bitcoinist.com/pepe-gets-listed-on-major-exchange/" target="_blank" rel="noopener "> PEPE token</a> has abandoned its holdings to acquire SHIB. 
Sharing a screenshot of a series of PEPE transactions on Etherscan, Lookonchain discovered that the <a href="https://bitcoinist.com/pepe-whale-who-made-1-23m-in-an-hour-has-identified-this-next-life-changing-investment/" target="_blank" rel="noopener ">whale</a> deposited a staggering 1.97 trillion PEPE tokens worth over $6.07 million into Binance. Leveraging its strategic investment in this frog-themed cryptocurrency, the whale has amassed a substantial profit of $3.49 million, surpassing half of its initial $6 million investment.&nbsp; 
Following this massive PEPE deposit, the whale purchased approximately $75.9 billion <a href="https://bitcoinist.com/shiba-inu-turning-50-into-300k-exploring-profitable-approaches/" target="_blank" rel="noopener ">SHIB</a> valued at $893,000,000 from Binance into an unknown crypto wallet. The decision to abandon its considerable PEPE position in favor of SHIB underscores the whale’s sentiment towards the <a href="https://www.newsbtc.com/news/ethereum/is-ethereum-overvalued-similar-to-meme-coins-like-shiba-inu/" target="_blank" rel="noopener nofollow">doggy-themed meme coin</a>, suggesting a potential upside for the cryptocurrency. 
Recently, more individuals have been showing major <a href="https://bitcoinist.com/shiba-inu-whales-show-interest-positive-sign-shib/" target="_blank" rel="noopener ">interest</a> in the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-recovery-0-00001/" target="_blank" rel="noopener nofollow">Shiba Inu token</a>, opting to invest in the popular meme coin in the hopes of making significant returns. Earlier in January 2024, <a href="https://bitcoinist.com/shiba-inu-whale-transactions/" target="_blank" rel="noopener ">SHIB whale transactions</a> saw a spike of over 1300%, highlighting the elevated demand for the doggy-themed token. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/NRgfEZAn/" width="1835" height="883"> 
The underlying motivations behind these large-scale transactions remain undisclosed. However, it’s not uncommon for significant whale activities to <a href="https://bitcoinist.com/shiba-inu-whale-makes-large-purchase-reverse-shib/" target="_blank" rel="noopener ">trigger a price rally</a> for a cryptocurrency. At the moment the broader crypto community is still closely watching the effects of these developments and their potential influence on the dynamics of the SHIB market.&nbsp; 
<h2 id="b-shib-price-soars-b">SHIB Price Soars</h2> 
Lately, SHIB has been <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-shib-price-skyrockets-by-28-4-key-reasons/" target="_blank" rel="noopener nofollow">witnessing significant gains</a>, propelling its price to unprecedented levels. According to data from CoinMarketCap, over the past 24 hours, SHIB has recorded an almost 60% increase in its price value.&nbsp; 
At the time of writing, the cryptocurrency is trading at $0.000020, reflecting a 59.81% surge in just a day and an impressive 113.83% rise in the last seven days. These price leaps have been attributed to the success of its <a href="https://bitcoinist.com/shiba-inu-burn-rate-shib-price/" target="_blank" rel="noopener ">ongoing SHIB burns</a> and the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-shibarium-transaction-activity-spike-amid-market-growth/" target="_blank" rel="noopener nofollow">rapid growth</a> of its ecosystem and community. 
Currently, SHIB boasts a market capitalization of over $11 billion and has experienced a 140.35% increase in its 24-hour trading volume, pushing it to over $4 billion. Furthermore, derivatives data unveiled by Coinglass has suggested a <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-see-a-2100-run/" target="_blank" rel="noopener nofollow">potential continued uptrend</a> for SHIB, aligning with the pump experienced in the past few days.&nbsp; 
The data has <a href="https://www.coinglass.com/currencies/SHIB" target="_blank" rel="noopener nofollow">revealed</a> a 74.06% rise in Shiba Inu’s open interest and a 220.54% surge in volume. This indicates a significant upside for the cryptocurrency, underscoring the token’s strength and prevalence in the broader cryptocurrency market.&nbsp; 
Featured image from Pexels, chart from TradingView

Whale Abandons Massive PEPE Position For Shiba Inu – How Much SHIB Did They Buy?

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