Ethereum whales move $10.2 million in PEPE, boosting price and shrinking SHIB gap

Significant activity from major Ethereum investors has reignited interest in leading memecoins, with two dormant wallets synchronously moving a total of 2.27 trillion PEPE tokens valued at $10.19 million. These large transactions have drawn renewed attention to speculative assets on the Ethereum network, particularly PEPE and Shiba Inu (SHIB). The first wallet, previously inactive for a year and linked to deposits at US-based cryptocurrency exchange Coinbase, transferred $6.53 million worth of PEPE. The second wallet ended a four-month pause with a $3.66 million transaction. Large-scale transfers from long-inactive addresses typically signal that investors may plan to take profit via exchanges. However, instead of prompting a price drop, the market absorbed the selling pressure swiftly.

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