Shiba Inu and Pepe Coin Market Cap See 2.5% Rise as Whale Withdraws $4.46M of Tokens from Binance

The crypto market witnessed a renewed bullish momentum as Bitcoin rebounded above $95,000 level. As investors anticipate a $100k BTC value soon, Shiba Inu and Pepe coin are experiencing substantial whale buying, signaling their potential for price recovery.

Cryptocurrency prices today: A newly created cryptocurrency wallet has withdrawn 60 billion SHIB tokens ($1.52 million) and 150 billion PEPE tokens ($2.94 million) from Binance, according to data shared by crypto intelligence platform Lookonchain.

Tracking the movement of large cryptocurrency investors, commonly known as "whales," can provide valuable insights into the market's direction and potential price movements. These investors can significantly influence the market due to their substantial buying or selling activities.

As investors anticipate the value of Bitcoin (BTC) to reach $100,000 soon, Shiba Inu and Pepe coin are experiencing substantial whale buying, signaling their potential for price recovery. These memecoins often offer major moves during fresh market changes due to their volatile nature.

According to Coingecko data, the meme cryptocurrency market cap is at $123.06 Billion, showing an intraday gain of 2.5%. Moreover, the 24-hour trading volume wavers at $23.5 Billion.

Shiba Inu consolidation ahead of a major breakout

Among the dog-themed memecoins, the popular Shiba Inu coin has showcased a sideways action below $0.00003 over the last two weeks. In the 4-hour chart, this consolidation is recounting strictly within two converging trendlines revealing the formation of a bullish continuation pattern.

This continuation pattern is commonly spotted in an established uptrend, offering a temporary breather to buyers before the prevailing trend resumes. The SHIB price currently trades at $0.000025 with a market cap of $14.8 Billion.

A potential breakout from the overhead trendline will accelerate the bullish momentum and drive another 40% rally to hit $0.000037.

PEPE price eyes 75% surge amid bullish flag pattern

The frog-themed memecoin PEPE recorded a notable correction from $0.000025 to $0.000019— a 25% decrease— in the last two weeks. Similar to the SHIB price, the Pepe coin developed a bullish continuation pattern called ‘Flag.’

As most major memecoins regain bullish momentum with Bitcoin rebound, the PEPE price stands a 1.5% surge away from challenging the flag key resistance trendline.

A successful flip of the overhead trendline into potential support could propel the asset 75% up to hit $0.000035.