• An anonymous whale sold 1.97 trillion PEPE for $6.07M, then purchased $75.9B SHIB for $893M, boosting market interest in SHIB.
• SHIB’s price rose 5.32% in 24 hours and 7% in a week, influenced by trading activity and speculation on a potential SHIB ETF.
• Ethereum spot ETFs’ SEC approval sparks speculation about a SHIB ETF, driving increased trading activity and investor interest.

Lookonchain, an analytics platform, recently highlighted an anonymous whale shifting investments from PEPE to SHIB. Initially, this whale held 1.97 trillion PEPE tokens valued at over $6.07 million. The investor deposited these tokens into Binance, realizing a profit of $3.49 million.

Subsequently, the whale acquired approximately $75.9 billion SHIB for $893 million. These assets were transferred to an undisclosed wallet. This shift from PEPE to SHIB underscores the investor’s confidence in Shiba Inu. Some market watchers speculate this trend might resume, contributing to the recent SHIB upsurge.

As of press time, SHIB is trading at $0.00002881. SHIB is up 5.32% in the last 24 hours and 7% in the last week. Concurrently, PEPE is valued at $0.00001493 showcasing a 5.13% decrease in the past 24 hours and 14.21% growth over the week. This increase is attracting the interest of traders and investors.

Moreover, World Of Charts, a crypto analyst noted that SHIB is moving towards targets and has already achieved over 20% profit. Anticipation surrounding a potential SHIB exchange-traded fund (ETF) and increased trading activity have contributed to this rise. Additionally, the U.S. Securities and Exchange Commission’s approval of Ethereum spot ETFs has fueled discussions about a possible SHIB ETF, further influencing market sentiment.

Technical indicators also support the bullish outlook for SHIB. The Relative Strength Index (RSI) on the daily price chart indicates a neutral position that SHIB is neither overbought nor oversold. Traders interpret this as a potential continuation of the current trend. 

Source: TradingView

Additionally, the Moving Average Convergence Divergence (MACD) on the daily price chart reads 0.00000049. This suggests a potential bullish trend reversal, as the MACD line is above the signal line. Traders look for confirmation from other technical indicators before making trading decisions.

Read More:

• Whales Are Selling Popular Coins Like BTC, ETH, SHIB to Buy Pepe
• PEPE’s Binance Entry Pressures SHIB’s Dominance: Crypto Supremacy at Stake
• PEPE Defies Expectations, Leaving SHIB Trailing Behind as Binance Listing Approaches
• PEPE Shakes Crypto World: ADA, DOT, XRP, DOGE, SHIB Dethroned
• SHIB’s Unstoppable Surge: Whale Adds $2.64 Million, Time to Surf the Surge

The post Whale’s Shift from PEPE to SHIB Triggers Price Surge Amidst ETF Speculation appeared first on Crypto News Land.

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