Memecoin

Shiba Inu

PEPE

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-memecoin-market-energized-by-major-pepe-transfers-worth-10-19-million" rel="noopener noreferrer nofollow">Ethereum Memecoin Market Energized by Major PEPE Transfers Worth $10.19 Million</a><br></p>
<p style="text-align: justify">The Ethereum network’s <a href="https://en.bitcoinhaber.net/omochi-the-frog-memecoin-captures-attention" rel="noopener noreferrer nofollow">memecoin</a> landscape witnessed a significant jolt as two substantial dormant wallets transferred a staggering 2.27 trillion PEPE. Valued at approximately $10.19 million, these transactions have refocused market attention on PEPE and Shiba Inu, intensifying trading activities and volatility.</p>
<h2 id="significant-wallet-activity-does-not-trigger-price-drop">Significant Wallet Activity Does Not Trigger Price Drop</h2>
<p style="text-align: justify">One of the wallets, inactive for a year but previously linked to Coinbase transactions, moved $6.53 million worth of PEPE. Meanwhile, a second wallet, silent for four months, conducted a $3.66 million transfer. Such mobilization of large and old wallets often signals a potential sell-off on exchanges.</p>
<p style="text-align: justify">Contrary to expectations, a substantial market pullback did not materialize. Purchasers swiftly absorbed the potential selling pressure, with 84% of the day’s trading volume occurring in the past six hours, indicating that the bulk of the newly available supply was quickly taken up.</p>
<blockquote>
 <p>Despite the movement of 2.27 trillion PEPE by two formerly dormant large wallets, the market witnessed robust buying rather than aggressive selling.</p>
</blockquote>
<h2 id="narrowing-gap-between-pepe-and-shib">Narrowing Gap Between PEPE and SHIB</h2>
<p style="text-align: justify">During this activity, PEPE’s daily appreciation exceeded 10.8%, as recorded by TradingView data. Shiba Inu also saw a 1.66% increase, maintaining its recent strong performance. Consequently, the market capitalization gap between the two assets narrowed to $1.06 billion.</p>
<p style="text-align: justify">Shiba Inu has long been a leading asset among Ethereum-based memecoin projects. The recent surge in PEPE has reignited debates over market dynamics, suggesting a renewed speculative liquidity focus on memecoins within the Ethereum ecosystem.</p>
<h2 id="concentration-risk-comes-to-the-fore">Concentration Risk Comes to the Fore</h2>
<p style="text-align: justify">Despite the market’s upswing, one core risk involves a concentration of supply among a few large holders. Arkham Intelligence data reveals that <a href="https://en.bitcoinhaber.net/trx-gains-traction-as-price-targets-near-0-50" rel="noopener noreferrer nofollow">Tron</a> founder Justin Sun has significantly increased his PEPE holdings over the past ten days, amassing 2.82% of the total supply, equating to approximately $51.25 million.</p>
<p style="text-align: justify">Glossary Note: Arkham Intelligence is a blockchain data platform that tracks wallet movements and address linkages, enabling monitoring of significant investor accumulations and transfers.</p>
<blockquote>
 <p>Arkham Intelligence data revealed Justin Sun accumulated 2.82% of the total PEPE supply over the last ten days.</p>
</blockquote>
<p style="text-align: justify">The data indicates that major investors control 94.66% of the PEPE supply. This suggests that the actions of a few dozen wallets could significantly influence not only the price trajectory but also the competitive dynamic between PEPE and SHIB.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span><a href="https://en.bitcoinhaber.net/ethereum-memecoin-market-energized-by-major-pepe-transfers-worth-10-19-million" rel="noopener noreferrer nofollow">Ethereum Memecoin Market Energized by Major PEPE Transfers Worth $10.19 Million</a></h5>

Ethereum Memecoin Market Energized by Major PEPE Transfers Worth $10.19 Million

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