- Millions of SHIB and BONE were exchanged for PEPE.
- PEPE’s circulation decreased, the same with its active addresses.
Shibarium’s mainnet launch may have garnered significant attention, but the eyes of large investors were on the Shiba Inu [SHIB] token. The actions taken by this cohort suggest that they value Pepe [PEPE] much more than SHIB.
How much are 1,10,100 PEPEs worth today?
Leaving SHIB’s bones for PEPE’s flesh
According to Lookonchain, a whale who held both SHIB and sister-token BoneShibaSwap [BONE] sold all of them for PEPE. After which the whale deposited 143 billion SHIB into Binance, indicating a possible motive to sell.
Lookonchain also mentioned that the whale has been selling SHIB for three days. So, this sort of action suggests a possible “buy the rumor, sell the news” at the expense of SHIB, but in PEPE’s favor.
As per the price action, CoinMarketCap showed that BONE and SHIB have had an unencouraging start to Shibarium’s existence. Both tokens lost 20.08% and 9.20% respectively in the last 24 hours.
PEPE, on the other hand, registered a 5.34% decline. But what was happening with the frog-themed token on-chain?
According to Santiment, PEPE’s social volume in the last 30 days has been up and down. This means that, on some days, the arbitrary search for the token was high. On other days, it wasn’t much of a big deal.
But in between that seesaw
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Author: Victor Olanrewaju
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