The recent mainnet launch of Shibarium has led to significant attention on the Shiba Inu [SHIB] token. However, large investors prefer Pepe [PEPE] over SHIB more strongly.
A notable instance of this trend comes from a whale holding SHIB and its sister-token BoneShibaSwap [BONE], who sold all of these tokens in favor of PEPE. Lookonchain said the whale subsequently deposited 143 billion SHIB into Binance, indicating a likely intent to sell the tickets. This whale has been selling SHIB for three days, which suggests a “buy the rumor, sell the news” strategy that may benefit PEPE at the expense of SHIB.
Regarding price action, CoinMarketCap reveals that BONE and SHIB have had an underwhelming start following the launch of Shibarium. Both tokens experienced significant losses, with BONE losing 20.08% and SHIB losing 9.20% in the last 24 hours. Meanwhile, PEPE registered a smaller decline of 5.34%.
PEPE’s social volume has fluctuated in the last 30 days, according to Santiment. While the interest in the token has been inconsistent, the number of PEPE holders has increased, rising from 132,000 to 137,000, which indicates that approximately 5,000 participants have bought into the PEPE narrative. If this trend continues, it may positively impact the token’s price.
However, on-chain data shows decreased active addresses for PEPE in the last 30 days. Dynamic addresses, which indicate the daily level of speculation around a token, have fallen to 40,100, down from 58,000 on 21 July. This decline in active addresses has affected ticket circulation, decreasing to 80.25 trillion.
Despite the shifting interest of large investors, there remains a significant gap between PEPE and SHIB’s market cap. As of this writing, PEPE’s market cap is $464.54 million, while SHIB’s is $5.24 billion. The movement of large investors and their impact on token prices can serve as important signals for the broader cryptocurrency market.