SHIB and PEPE Print Triple-Digit Surge in Large Transactions

Revived Meme Coin Market Surges

The digital currency ecosystem is experiencing a resurgence, with meme coins like Shiba Inu (SHIB) and PEPE gaining momentum. As of writing, the meme coin market has risen 4.47% in 24 hours to $58,026,790,606, with SHIB and PEPE up 2.34% and 14.07% to $0.00002246 and $0.00001367, respectively.

Whale Activity Propels Growth

In addition to the price surge, meme coins have witnessed a significant increase in large transactions by whales. Data from IntoTheBlock shows a 170.84% surge in SHIB large transactions within 24 hours, amounting to $467.2 million. 436 large transactions were recorded, involving a total of 21.62 trillion SHIB.

Similarly, PEPE recorded a 127.87% increase in large transactions, totaling $174.07 million. In 24 hours, 419 PEPE transactions exceeded $100,000, involving 13.62 trillion tokens.

The correlation between the bullish metrics of these meme coins highlights their interdependence. It remains to be seen if this whale activity can sustain their growth over the long term.

Differing Fundamentals

While the ecosystem is positively correlated, PEPE lacks significant internal fundamentals driving its current surge. In contrast, Shiba Inu's Shibarium and burning initiatives provide long-term value to users.

Despite their differences, both Shiba Inu and PEPE are vying for dominance, setting the stage for a continued rivalry.