Holders Now Swapping Shiba Inu for Pepe Coin. Is This The Right Thing to Do?

Holders Now Swapping Shiba Inu for Pepe Coin. Is This The Right Thing to Do?

Investors have been shifting money from one meme coin to another more often during the last few days. In fact, there have been discussions regarding which currency is superior. Notably, Pepe coin has consistently been voted the winner in several surveys on Twitter about the same topic.

Many traders and investors have gained millions by directing funds into Pepe Coin. Actually, people have begun selling other cryptocurrencies to buy this meme coin due to the hullabaloo and excitement. According to recent reports, a crypto whale traded all of his holdings, including Ethereum and Uniswap, to purchase Pepe Coin. The investor made a profit of $1.23 million as a result.

Related Reading: Pepe Coin Investor Makes Almost $1M Profits in 21 Days

Trader Sells all His SHIB for Pepe Coin

A specific cryptocurrency trader tweeted before the end of last month that he was inclined to exchange all Shiba Inu tokens for Pepe Coin. The dealer disclosed that he owned SHIB worth about $17,000. He apparently made a 5-figure profit after initially selling SHIB for Pepe for 2 ETH.

A few days later, he disclosed, “I have just swapped all my SHIB holdings worth $17k across two wallets to PEPE.” The dealer even continued to “encourage” others to follow suit. Having said that, he also disclosed that he had purchased SHIB very early, in 2021. He purchased 500 million SHIB tokens at that moment for about $19.54.

In a follow-up tweet, the trader recently disclosed that the $17k investment in Pepe Coin has grown to $55k. Remaining consistent, another community member stated that there isn’t even the “tiniest” justification for holding DOGE and SHIB when they can be exchanged for Pepe Coin.

Others believe it’s not too late and are certain that Shiba Inu and Dogecoin owners will ultimately decide to direct funds toward Pepe.

Another Trader Invests in PEPE and Other Related Coins

Recently, a different market player with a track record of success exchanged some of his Shiba Inu tokens for Pepe Coin. The address made $3.84 million on SHIB before this. The participant recently purchased 325 billion PEPE by giving away 6 billion Shiba Inu tokens.

Having said that, it should be mentioned that even this “smart money” address purchased SHIB in 2021 and 2022 for a reasonable price. He has since purchased more meme currencies like BABYPEPE and PEPET in addition to PEPE.

Capital rotation is important for the market’s long-term survival on any given day. So, moving money around is nothing new. Investing in meme coins always carries a risk, despite the countless instances of investors and traders making money by moving money from Shiba Inu to Pepe Coin. Hence, DYOR, as usual.

Read Also: Gemini Could Announce Pepe Coin Listing Soon; Here’s Why

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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