- We had a huge whale ride on Shib & Pepe last weekend.
- Both memecoins secured new weekly highs in Monday’s rebound.
- The meme coin sector is quickly approaching a market capitalization of $60 billion.
Crypto whales have shown their faith in two blue-chip meme coins: Shiba Inu (SHIB) and Pepe (PEPE). According to blockchain analytics firm LookOnChain, the whale began accumulating on October 11, 2024, purchasing 101.8 billion PEPE and 843.6 billion SHIB.
Pepe takes the lead in the Meme Coin marathon
This move preceded a raced rally for all major altcoins, including the biggest meme coins. For example, frog-themed PEPE jumped to a seven-day high of $0.0000107 on Monday, marking a gain of 13.4%. PEPE has rallied significantly due to massive trading volume, currently reaching $2,234,772,868 in the last 24 hours.
For whales, their massive holdings of 964.17B PEPE are now worth $10,287,733, making them the wallet’s largest digital asset. With 456.6 billion SHIB tokens, the whale’s second-largest holding rose to $8,383,523 after the dog-themed cryptocurrency rose 7% to regain the $0.000018 support level.
Can Shiba Inu’s breakout hold up?
The much-anticipated ‘Uptober’, aka ‘Pumptober’, appears to have begun on Monday, October 14th. Bitcoin (BTC) lost its third consecutive day of negative BTC ETF outflows, with the price briefly recovering $66,000 for the first time in three weeks. .
SHIB’s 7% rise today has returned the coin to its most profitable holders, favoring a retest of its monthly high of $0.00002136. However, Shiba Inu’s breakout power is highly dependent on traders taking profits, which is more likely to start at $0.000019, where the main resistance bubble lies.
According to IntoTheBlock, 97.63T SHIB, almost 10% of Shiba Inu’s largest supply, are held in 104.26K cryptocurrency wallets at prices ranging from $0.000019 to $0.000024.
To break this resistance, SHIB would need to maintain large, consistently positive money flows, technically known as Chaikin Money Flow (CMF). At press time, the indicator is hovering at 0.10, indicating bullish momentum as larger investors enter the accumulation phase.
On the flip side
- Monday’s rally failed to convey general market sentiment. This is because the Crypto Fear and Greed Index was at 48, suggesting traders are remaining neutral.
Why This Matters
While accumulations of this scale constitute investor confidence in digital assets, timely decisions by these large investors often precede changes in price trends.
Discover popular cryptocurrency news on DailyCoin:
Cryptocurrency Market Weekly Summary: Slight Rise Amid Quiet Markets
ARB, SUI, WLD to unlock heaviest tokens this October