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Whales Move In On Memecoins As Market Pumps — Will SHIB and PEPE Rise?

Last Updated February 29, 2024 1:52 PM
Nikola Lazic
Last Updated February 29, 2024 1:52 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • Whales signal a potential surge in SHIB and PEPE.
  • There has been Significant transactions spike for both meme coins.
  • SHIB  price up 58%, PEPE has climbed more than 300% in February.

As the cryptocurrency market shows FOMO sentiment, with Bitcoin nearing its all-time highs and altcoins showing larger price spikes, meme coins draw attention. On-chain evidence suggests that whales have accumulated popular coins like SHIB and PEPE, indicating a potential surge. 

SHIB and PEPE: Whales Move In

In a move that has drawn widespread attention within the cryptocurrency community, a prominent crypto whale engaged in a series of calculated transactions with the well-known meme coins, Shiba Inu (SHIB) and Pepe (PEPE), during a general upswing in the market. On-chain data analysis Lookonchain  pointed out the moves on social media platforms. 

Lookonchian’s analysis revealed this investor transferred 1.97 trillion PEPE tokens, with an approximate value of $6.07 million, to Binance. This trade yielded a profit of $3.49 million for the whales Subsequently, the investor turned their attention to Shiba Inu, transferring out 75.9 billion SHIB tokens, worth about $893,000, from Binance merely three hours after the initial transaction.

SHIB transactions
PEPE Number of larger transactions

That this isn’t an isolated event can be seen by looking at the overall number of larger transactions on-chain for PEPE. This number has climbed from its usual 42 txs to a staggering 566 txs on February 29 2024.

On-chain data.
SHIB Number of larger transactions.


This is also the case with SHIB, which showed a similar pattern. From its usual 45 txs it also spiked, coming to a high of 221 txs. 

SHIB Price Analysis 

The price of SHIB has risen since February 25, when it reached a higher low of $0.0000094. On February 29, it spiked to $0.000014, an increase of 58%. Previously, we could have expected that a forming ascending triangle would complete before this run-up. But instead, the price blasted through the resistance. 

Daily chart.
SHIB could be poised for more growth.


As it did, it signaled the start of a new bull phase and is now, most likely, headed further up. We could see wave three developing out of the five-wave impulse from October, in which case SHIB could go to its next significant resistance of $0.00002. However, that might not come in a straight line as some resistance points still exist. 

Since SHIB signaled the new starting bull phase with the latest spike, in the following months, we could see this uptrend developing with higher highs and higher lows and eventually surpassing $0.00002 altogether. 

PEPE Price Analysis 

On February 28, the price of PEPE reached a high of $0.0000035 from its daily opening of $0.0000026, increasing 38%. This was a continuation of the uptrend from February 5, when it was traded at $0.00000085, meaning that PEPE increased by over 300% in February alone. 

Daily chart.
PEPE showing some signs of weakness.

As the price approached its all-time high, it started showing some signs of weakness. However, we still don’t where it will stop. If the new five-wave uptrend started in October last year, February’s low could market the completion of its bull correction. 

That rise was the third wave. As we’ve seen the daily chart Relative Strength Index (RSI) signaling overbought conditions, a correction looks likely.

We could see some sideways consolidation and a minor retracement to $0.0000025, which would be its fourth wave. But after it ends, another high for wave five could develop, with it reaching its all-time high of $0.000045. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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