Several investors and traders from the space have made millions by diverting funds toward Pepe Coin. In fact, owing to the hype and hoopla, many have also started selling other cryptos to buy this meme coin. As reported recently, a crypto whale swapped all assets, including Ethereum and Uniswap, to buy Pepe Coin. Doing so fetched the investor $1.23 million in profit.
However, over the past few days, investors have started increasingly shuffling funds from one meme coin to another. In fact, there have also been debates going on within the community about which is a better coin. Several polls on Twitter regarding the same have additionally been conducted, with Pepe being declared the winner in most cases.
Traders ditch Shiba Inu for Pepe Coin
Towards the end of last month, a particular crypto trader tweeted about being tempted to swap all Shiba Inu tokens for Pepe Coin. The trader revealed that he owned around $17k worth of SHIB. He initially sold 2 ETH worth of SHIB for Pepe and allegedly ended up making a 5-figured profit. A couple of days later, he revealed,
“I have just swapped all my SHIB holdings worth $17k across two wallets to PEPE.”
In fact, the trader went on to “encourage” others also to do the same. That said, he also went on to reveal that he had bought SHIB quite early, in 2021. At that time, he scooped up 500 million SHIB tokens for merely $19.54.
Also Read: Not Dogecoin! PEPE is the “Most Memeable Memecoin” Right Now
In another follow-up tweet recently, the trader revealed that the $17k investment into Pepe Coin had already ballooned to $55k. Reverting back to the same, another community member tweeted that there’s not even the “slightest” reason to hold DOGE and SHIB, when they can be swapped to Pepe Coin.
Several others feel that it’s still not too late and continue to remain positive that Shiba Inu and Dogecoin holders will end up diverting funds towards Pepe eventually.
Also Read: Crypto Whale Swaps ‘All’ Assets for Pepe Coin: Profits $1.23M Instantly
Smart money flows from Shiba Inu to Pepe Coin
Another market participant with a proven track of success also recently swapped “some” of his Shiba Inu tokens for Pepe Coin. Prior to this, the address made $3.84 million on SHIB. Recently, the participant bought 325 billion PEPE by ditching 6 billion Shiba Inu tokens. That said, it should be noted that even this ‘smart money’ address bought SHIB in 2021 and 2022 at fairly cheap prices. Now, not only has he bought PEPE, but has also invested in other meme coins such as BABYPEPE and PEPET.
Well, on any given day, capital rotation is quite essential for long-term sustenance in the market. So, funds being shuffled ain’t a new phenomenon. Even though there are numerous cases of investors and traders profiting by shuffling capital from Shiba Inu to Pepe Coin, it should be noted that investment in meme coins always comes with a risk. Hence, as always, DYOR.
Also Read: Unlike Pepe Coin, DOGE Hasn’t Joined the Meme-rally: Why?