#WhaleMovements MEME COIN MANIA: WHY PEPE AND SHIB ARE SKYROCKETING RIGHT NOW
The recent price increases in both Pepe (PEPE) and Shiba Inu (SHIB) can be attributed to several key factors:
Pepe ($PEPE ):
1. Influence of Elon Musk: Elon Musk's engagement with internet memes has historically impacted cryptocurrency markets. His recent association with Pepe the Frog, including changing his X (formerly Twitter) name to "Kekius Maximus" and updating his avatar to an image of Pepe the Frog in golden armor, sparked significant interest in PEPE, leading to a price surge of over 16%.
2. Whale Activity: Large investors, known as "whales," have played a role in PEPE's price movements. For instance, a significant deposit of approximately 52.62 billion PEPE tokens (valued at $10.03 million) was made on the Binance exchange, resulting in a gain of $5.04 million in just one week. Such substantial transactions can influence market sentiment and drive prices upward.
Shiba Inu ($SHIB ):
1. Increased Burn Rate and Trading Volume: SHIB has experienced a surge in its burn rate, effectively reducing the circulating supply of the token. This reduction, coupled with a 70% increase in daily trading volume to $370 million, has contributed to the recent price rally.
2. Advancements in Shibarium: The development and progress of Shibarium, SHIB's layer-2 blockchain solution, have garnered positive attention. Its ability to process multi-million daily transactions indicates robust network activity, bolstering investor confidence.
3. Bullish Technical Indicators: SHIB's price action has shown bullish patterns, including breaking out of a consolidation zone and surpassing key resistance levels. These technical indicators suggest potential for further upward movement.
It's important to note that the cryptocurrency market is highly volatile, and prices can be influenced by a myriad of factors, including market sentiment, technological developments.
1000PEPEUSDT
Perp
0.0084869
+6.37%
1000SHIBUSDT
Perp
0.014102
+2.2%
$PEPE #VoteToListOnBinance #WhaleMovements #FidelityStablecoin #BinanceAlphaAlert
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
20k
Views
31
Likes
7
Quotes
2
Shares
13 Replies
Most Relevant
Most Recent
LongBien