Could SHIB Be the Next in Line After PEPE Delivered 178%?

• After making millions of gains from PEPE, a whale decided to SHIB.
• The AO, alongside the Supertrend, supported SHIB’s rise to $0.000015.
• Capital rotation and profit-taking could drive PEPE down to $0.0000027.

According to Spot On Chain, a whale made $3.47 million from Pepe (PEPE) after the meme coin hit an all-time high (ATH). Spot On Chain noted that the whale deposited all the 1.97 trillion PEPE tokens he owned to Binance, as gains on the holdings had increased by 135%.

But after depositing the tokens, the whale bought 75.91 billion Shiba Inu (SHIB) tokens and withdrew them from Binance.

PEPE’s price jumped by 182% in the last seven days. Within the same period, Shiba Inu’s price increased by 39.14%, CoinMarketCap showed.

Shiba Inu (SHIB) Price Analysis

SHIB exited its long-standing consolidating phase after bulls capitalized on the $0.00000942 support. Buying pressure was enough to raise SHIB’s price to the $0.000011 region. However, the token encountered a minor resistance at $0.00001134.

But with bulls all over the price action, SHIB breached the hurdle. Signals from the 4-hour chart showed that the Supertrend indicator flashed a buy signal at $0.000010. This was because the green segment of the indicator had overshadowed the red area.

At press time, SHIB’s price was $0.00001359. Coin Edition also looked at the Awesome Oscillator (AO), whose reading was positive. The AO reading suggests increasing upward momentum, which could drive higher prices.

From a bullish perspective, SHIB’s price could extend to $0.000015 in the short term. However, if traders decide to book some profits, the price might decline. In the long run, SHIB could replicate PEPE’s performance, but it is not guaranteed to happen within a week.

Pepe (PEPE) Price Analysis

The PEPE/USD 4-hour chart displayed a market structure similar to SHIB’s. However, the difference was that PEPE’s attempt at another high has been rejected. PEPE’s price had initially tapped $0.0000035. 

But a quick rejection sent the value back to $0.0000031. At press time, the Relative Strength Index (RSI) was 77.42, indicating that the token was overbought. In a situation like this, PEPE’s price might decrease.

A look at the 0.382 Fibonacci retracement showed that PEPE could slide to $0.0000027. If the token erases the gains, traders can try to buy at a discount, which could propel the price higher. However, an increase in capital rotation like the whale has done with SHIB could invalidate the bullish thesis.