In an environment where the general crypto market is showing signs of recovery, Shiba Inu (SHIB) and Pepe coin are attracting attention. The crypto scene is ablaze with on-chain data showing extraordinary accumulation of these coins.
In the last 24 hours, large-scale investors, often referred to as 'whales,' have collectively accumulated 624 billion PEPE and SHIB coins from exchanges. This development has sent shockwaves through the global crypto community, with investors speculating on the future price movement of these meme coins.
Following the recent market corrections, the sudden increase in whale accumulations around SHIB and PEPE has piqued curiosity in the overall crypto market. Despite the dip, market sentiments are now hopeful, and speculation is rife about potential continued supported price movements for Pepe coin and Shiba Inu.
According to on-chain watcher data, a whale with the address 0x10Dc made a significant move through OKX today. The whale accumulated 241.6 billion PEPE worth $1.75 million and 53 billion SHIB worth $1.27 million from the said CEX.
On the other hand, another whale with the code 0x1c6 withdrew a total of 329.3 billion PEPE from Binance and MEXC in the last 24 hours, further supporting the optimistic atmosphere surrounding the tokens in the market. These massive PEPE and SHIB purchases have garnered attention in the crypto sector.
Interestingly, such massive whale accumulations highlight the increasing confidence and interest in the market's assets, offering an optimistic outlook for their future. Simultaneously, on-chain derivative data for Shiba Inu and PEPE has also created a great deal of optimism in line with the optimism generated by whale accumulations.
SHIB and PEPE Price Movements
As of writing, Shiba Inu is trading at $0.00002333, down by 0.80% in the last 24 hours. Pepe coin, on the other hand, is trading at $0.00000694, down by 0.55% in the last day. While the tokens are currently experiencing a slight decline, it should be noted that SHIB has risen to $0.00002461 and PEPE to $0.000007585 today.
Coinglass data shows a 4.13% increase in open positions for SHIB, with derivatives volume up by 48.16%. At the same time, PEPE's open interest increased by 3.32%, with a 35.45% increase in derivatives volume. This indicates growing interest among investors for the tokens, but it's important to consider the ups and downs of the crypto space. Crypto enthusiasts continue to speculate on the future price movements of Shiba Inu and Pepe coin.
