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The recent launch of the Shibarium mainnet has garnered considerable interest in the Shiba Inu [SHIB] token. Nevertheless, larger investors show a stronger preference for Pepe [PEPE] over SHIB.
An illustrative example of this trend involves a whale who held SHIB and its related token BoneShibaSwap [BONE], who liquidated all these assets in favor of PEPE. According to Lookonchain, the whale subsequently transferred 143 billion SHIB to Binance, suggesting a probable intention to sell the tokens. This whale has been offloading SHIB for three consecutive days, indicating a “buy the rumor, sell the news” approach that may favor PEPE at SHIB’s expense.
In terms of price movement, CoinMarketCap indicates that BONE and SHIB have had a lackluster performance following the Shibarium launch. Both tokens have faced considerable declines, with BONE dropping 20.08% and SHIB falling 9.20% in the past 24 hours. In contrast, PEPE experienced a smaller decrease of 5.34%.
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PEPE’s social engagement has varied over the last 30 days, as reported by Santiment. Although interest in the token has been inconsistent, the number of PEPE holders has risen from 132,000 to 137,000, suggesting that around 5,000 new participants have embraced the PEPE narrative. If this trend persists, it could have a favorable effect on the token’s price.
However, on-chain metrics reveal a reduction in active addresses for PEPE over the past month. Dynamic addresses, which reflect daily speculative activity surrounding a token, have decreased to 40,100, down from 58,000 on July 21. This drop in active addresses has influenced token circulation, which has fallen to 80.25 trillion.
Despite the changing interests of large investors, a substantial gap remains between the market capitalizations of PEPE and SHIB. At the time of writing, PEPE’s market cap stands at $464.54 million, while SHIB’s is at $5.24 billion. The actions of large investors and their effects on token prices can provide significant insights into the broader cryptocurrency market.
The post Is PEPE the meme to watch despite the Shibarium launch appeared first on BitcoinWorld.
