Whales Accumulating Shiba Inu and Kangamoon, PepeFork Price Plunges

The post Whales Accumulating Shiba Inu and Kangamoon, PepeFork Price Plunges appeared first on Coinpedia Fintech News

According to recent on-chain data, whales have shown interest in two DeFi coins, Shiba Inu and Kangamoon. They have been accumulating large amounts of the token due to its potential for bullish gains. On the other hand, PepeFork has come under bearish pressure lately and has dropped on the price chart.

Shiba Inu (SHIB): Whales Accumulate Trillions of SHIB Tokens

Shiba Inu (SHIB), the second-largest meme coin by market cap, has come under large whale accumulation in the past year.

According to data from Santiment, non-exchange Shiba Inu addresses have accumulated trillions of SHIB in the past two months. Supply held by the addresses increased from 493.42 trillion on December 14th to 497.11 trillion on February 6th.

The jump in supply here shows that these whales are bullish on Shiba Inu’s long-term price action. Compared with the top exchange Shiba Inu addresses, the opposite was the case. Their supply dropped in the past two months and was at 173.4 trillion on February 8th. 

This drop in the supply held by exchange addresses is a sign of a reduction in selling pressure. Such a reduction could affect the price of Shiba Inu in the long run. At the moment, the alt coin has pumped 3.1% from a 7-day low of $0.00000882 to a high of $0.00000929.

PepeFork (PORK) Under Bearish Pressure

PepeFork (PORK) is a fresh meme token that originated from a fork of $PEPE, itself a meme token inspired by the widely recognized Pepe the Frog character.

This new token quickly captured attention, amassing a market cap exceeding $200 million just two days post-launch. This swift rise propelled it to become the 9th largest memecoin in the cryptocurrency sphere, surpassing Baby Doge Coin in the process.

However, following the initial excitement, PepeFork has experienced a downturn, with its value falling by about 50%. The alt coin dropped from an all-time high of $0.0000009132 to $0.0000006007

The downturn has fueled speculation among the community, with some wondering if PepeFork has peaked. Consequently, this shift in sentiment has pushed investors to look for alternative projects with good potential. KangaMoon stands out as one such promising project.

KangaMoon (KANG): The Best Meme Coin in the Market

KangaMoon (KANG) has made a significant impact with its crypto ICO event, aiming to change the narrative of memecoins. The goal of this DeFi project is to create a community-driven platform with social-fi components integrated.

Players will be able to fight to win in-game items and awards. The intention is to promote healthy competition and increase community connection. Furthermore, holders of KANG, the project’s native token, are eligible for exclusive benefits. Through weekly, monthly, and quarterly competitions, these holders will have the opportunity to accrue tokens.

Moreover, the KANG token is the primary currency of the platform and will be used for transactions and other purposes. So far, the DeFi project has raised about $78K in the first stage of its crypto ICO. This shows that there is a strong demand for the KANG token, which is priced at just $0.005. 

Furthermore, this community-centric meme coin is linked to the P2E gaming market, which Research Reports World estimated to be worth $885M in 2023. As a result, analysts are optimistic about this project. They are forecasting a 100x surge in KANG’s value once it debuts on exchanges in the first quarter of 2024.

Conclusion 

With PepeFork’s price momentum slowing down, investors and traders are moving to top DeFi coins like KangaMoon. Kangamoon promises to offer users real utility as a memecoin, allowing them to earn tokens and receive rewards. The project plans to launch an NFT marketplace, gaming platform, and metaverse project in the future.

Discover the Exciting Opportunities of the Kangamoon (KANG) Presale Today!

Website: https://Kangamoon.com/

Join Telegram Community: https://t.me/Kangamoonofficial