There is an ongoing revival in the broader digital currency ecosystem, and meme coins like Shiba Inu (SHIB) and PEPE are riding the waves. At the time of writing, the meme coin ecosystem is trading up by 4.47% in 24 hours to $58,026,790,606, and Shiba Inu and PEPE are up by 2.34% and 14.07% to $0.00002246 and $0.00001367, respectively.
More correlated bullish metric
Besides the uniformity in the price surge, these meme coins have seen a triple digit in large transaction count from whales in their respective ecosystems.
Per data from crypto analytics platform IntoTheBlock, SHIB has seen a 170.84% surge in its large transactions in 24 hours, pegging the volume traded at $467.2 million. This massive whale transaction came about from 436 recorded with a total of 21.62 trillion Shiba Inu.
PEPE recorded a similar boost, with large transactions soaring by 127.87% to record $174.07 million. Just like Shiba Inu, PEPE whales have conducted a total of 419 transactions north of $100,000 in 24 hours. It is worth noting that while Shiba Inu recorded a 21.62 trillion SHIB trade, PEPE has managed 13.62 trillion tokens within the same time span.
A similar trend in both meme coins’ bullish metrics underscores how positively correlated they are to each other. It now remains to be seen if the whale impact can help sustain ongoing growth in the long term.
Where difference lies
The correlation in the meme coin ecosystem is most beneficial to PEPE as it has almost no major internal fundamentals driving its bullish surge.
This is where the token is different from Shiba Inu, which has Shibarium, and undergoes an intensive burning campaign in its bid to give its users value in the long term.
Despite these differences, both Shiba Inu and PEPE are competing for dominance, setting an almost lifelong rivalry for both tokens.
