Memes like PEPE and Shiba Inu (SHIB) are riding the waves of the current renaissance in the larger digital currency ecosystem. At the time of writing, PEPE and Shiba Inu are up 14.07% and 2.34%, to $0.00002246 and $0.00001367, respectively, while the meme coin ecosystem has increased by 4.47% in a day to $58,026,790,606.
More correlated bullish metric
In addition to the consistent price increase, these meme currencies have experienced a triple digit increase in the number of huge transactions by whales inside their individual ecosystems.
IntoTheBlock, a cryptocurrency analytics website, reports that SHIB had a 170.84% spike in big transactions in a single day, valuing the total transacted at $467.2 million. With 436 documented transactions totaling 21.62 trillion Shiba Inus, this enormous whale trade was made possible.
Similar gains were seen at PEPE, where big transactions increased by 127.87% to total $174.07 million. PEPE whales have completed 419 deals worth more over $100,000 in a single day, just like Shiba Inus. It’s important to note that PEPE handled 13.62 trillion tokens in the same period that Shiba Inu reported a 21.62 trillion SHIB transaction.
The bullish measures of both meme currencies show a similar path, highlighting their strong positive correlation. It is still to be seen if the whale influence may eventually contribute to further expansion.
Where difference lies
PEPE benefits most from the meme coin ecosystem’s linkage since its bullish surge is almost entirely driven by non-essential internal factors.
In order to provide its users with value over the long run, the token goes through a rigorous burning process, which sets it apart from Shiba Inu, which contains Shibarium.
Notwithstanding these distinctions, PEPE and Shiba Inu are engaged in an almost eternal struggle for supremacy.
