Whales Cause 23% Surge in Trendy Meme Coin PEPE, SHIB Also Soars
In the ever-evolving world of cryptocurrency, meme coins have been gaining significant attention in recent times. Two such meme coins, PEPE and SHIB, have been at the forefront of this rally, experiencing notable surges in value. According to information shared by The Data Nerd account on Twitter, the rise in PEPE’s value can be attributed to a wave of heavy accumulation by multiple whales and smart wallets.
Over the past week, these whales, large holders of cryptocurrency, have accumulated billions of PEPE coins, with some even acquiring over one trillion. This influx of buying power has resulted in a remarkable 23% increase in the value of PEPE. The price growth began last Tuesday, propelling PEPE from the $0.0000011261 level to a peak of $0.0000014273, representing a 26.75% surge by Monday. However, since then, the momentum has slowed, and the value of PEPE has dipped by approximately 3%. As of now, PEPE is trading at $0.0000013854 on the OKX exchange.
The Data Nerd account highlighted three notable whales who currently possess substantial amounts of PEPE. The first holds 2.51 trillion PEPE, resulting in an unrealized gain of $3.45 million or a staggering 53,000x growth. The second whale possesses 50 billion PEPE, with unrealized gains amounting to $68 million. Lastly, the third whale holds 279 billion PEPE, equating to $380,000 in unrealized gains.
Launched in April of this year by an anonymous team of developers, PEPE is a meme coin that was inspired by the well-known internet meme of Pepe the Frog. Unlike other meme coins such as DOGE, PEPE currently does not have any practical use or utility.
Meanwhile, the SHIB community is eagerly awaiting the launch of the much-anticipated Layer 2 Shibarium blockchain on the mainnet. Shytoshi Kusama, the pseudonymous lead developer, plans to deliver a speech through artificial intelligence during the two-day conference scheduled for August 15th and 16th. As SHIB gains traction, its value has surged by over 25% within the same timeframe as PEPE. However, in the past two days, SHIB has experienced an 8.34% decline and is currently trading at $0.000001027.
Interestingly, both PEPE and SHIB, along with other meme coins, have managed to detach from the flagship cryptocurrency, Bitcoin. While BTC struggles to surpass the $30,000 level, meme coins continue to rise in value.
In conclusion, the rise of meme coins such as PEPE and SHIB has captured the attention of cryptocurrency enthusiasts. The significant accumulation by whales and smart wallets has propelled PEPE’s value by 23%, although it has experienced a minor decline recently. Additionally, SHIB has shown substantial growth and anticipation mounts for the upcoming launch of the Layer 2 Shibarium blockchain. As these meme coins outshine Bitcoin in terms of performance, the cryptocurrency market retains its ever-changing landscape.
