- Last weekend, a gigantic whale loaded up on Shib & Pepe.
- Both memecoins secured new weekly heights in Monday’s bounce back.
- The meme coin section is rapidly approaching a $60 billion market cap.
A cryptocurrency whale has showcased belief in two blue-chip meme coins, Shiba Inu (SHIB) and Pepe (PEPE). According to blockchain analytics firm LookOnChain, this whale started accumulating on October 11, 2024, purchasing 101.8B PEPE and 84.36B SHIB.
Pepe Takes Lead in Meme Coin Marathon
The move preceded a rebound race for all major-cap altcoins, including the largest meme coins. To illustrate, the frog-themed PEPE leapfrogged to a new seven-day high of $0.0000107 on Monday, whipping up 13.4% gains. PEPE is heavily boosted by large trading volume, currently at $2,234,772,868 in 24 hours.
As for the whale, the hefty holdings of 964.17B PEPE are now worth $10,287,733, the wallet’s largest digital asset. With 456.6B SHIB tokens, the whale’s second-largest holdings rose to $8,383,523 after the dog-themed crypto saw 7% gains to recover $0.000018 support levels.
Can Shiba Inu’s Breakout Hold?
The highly-anticipated ‘Uptober,’ a.k.a. ‘Pumptober,’ has seemingly kicked off on Monday, October 14. As Bitcoin (BTC) lost consecutive BTC ETF negative outflows trend after three days, its price briefly regained $66,000 after a three-week hiatus.
Today’s 7% upswing for SHIB has put the canine coin back in most profitable holders, which is favorable in retesting the monthly heights at $0.00002136. However, Shiba Inu’s breakout power heavily depends on traders taking profits, which is more likely to start at $0.000019, where a major resistance bubble lies.
According to IntoTheBlock, 97.63T SHIB, nearly 10% of Shiba Inu’s max supply, is held in 104.26K crypto wallets at a price between $0.000019 and $0.000024.
To break this resistance, SHIB must maintain a consistently positive large money flow, technically known as the Chaikin Money Flow (CMF). As of press time, this indicator pointed to 0.10, representing bullish momentum as large investors enter the accumulation phase.
On the Flipside
- Monday’s rebound rally didn’t convey the general market sentiment, as the Crypto Fear & Greed Index, which was at 48, hinted at traders remaining neutral.
Why This Matters
Accumulation of this magnitude constitutes an investor’s confidence in the digital asset, while well-timed decisions by these large investors often precede a change in price trends.
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