Memecoin battle: Are whales ditching PEPE for SHIB?

According to Lookonchain’s data. It was seen that a whale decided to divest from PEPE, liquidating a substantial 1.97 trillion PEPE tokens, equivalent to a staggering $6.07 million.

Remarkably, this calculated move resulted in a hefty profit of $3.49 million for the whale. Following the exit from PEPE, the whale swiftly redirected attention towards Shiba Inu, acquiring 75.9 billion SHIB tokens at a value of $893,000.

Examining network metrics, SHIBA INU’s network growth surged, indicating an influx of new addresses and heightened interest despite the price downturn. An uptick in interest from new addresses could help SHIB grow to new heights.

Concurrently, the velocity of SHIB transactions increased, underscoring a growing number of token movements within the ecosystem.

Delving into the tokenomics of SHIB, the burning of tokens witnessed a substantial uptick, with 13.5 million tokens burnt in the past 24 hours. This marked a notable increase of 260.75%.