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Recovery may be on the horizon as a whale accumulates millions of dollars worth of Shiba Inu and Pepecoin.
The recent market downturn drew skepticism among market participants as Bitcoin and altcoins have failed to live up to the October hype. For instance, Shiba Inu is almost 18% away from its $0.00002169 high late last month.
Meanwhile, a whale has looked past the short-term FUD in the market, accumulating a massive amount of Shiba Inu and Pepecoin. Data from blockchain analytics firm Lookonchain shows that a wallet withdrew 83.36 billion SHIB and 101.8 billion PEPE from Binance.
Whale Goes Shopping at Premium Discount
The whale recently made the most of the market consolidation, acquiring SHIB and PEPE at discounted prices. Data from Etherscan shows that the wallet accumulated 101.8 PEPE with a little above $1 million at an average cost of $0.00000984 per token.
Also, the whale withdrew 83.36 billion SHIB over two transactions, worth a combined $1.49 million. The wallet received 83.3 billion SHIB and 612,120 SHIB from Binance at an average cost of $0.00001786 each.
It’s worth noting that the whale made these significant acquisitions on Friday at 3.26 pm (UTC). With this purchase, the wallet now holds 456 billion SHIB ($8.16 million) and 964 billion PEPE ($9.49 million).
Etherscan also reveals that the wallet holds other tokens, including $1.27 million worth of Smooth Love Portion (SLP) and $1.14 million in FetchAi (FET).
Will Accumulation Drive Market Recovery Underway?
Notably, the Friday accumulation came a few days after another whale withdrew 1 trillion Shiba Inu from Indodax. The transaction, which happened on October 4, saw the wallet receive $16 million in SHIB, 1.8 trillion PEPE ($16.2 million), and 14,400 ETH ($34.3 million).
It bears mentioning that accumulation of this nature dictates investor confidence and creates a positive sentiment among market participants, driving prices higher. Notably, the market has rebounded considerably in the past 24 hours.
For context, SHIB has appreciated almost 6% in the past day to trade at $0.00001785. Also, PEPE pulled a similar uptrend, growing 5% to $0.000009867. Generally, the meme coin sector is up 7.9% in the past 24 hours, with a combined market cap of $56 billion.