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SHIB's Position Challenged as PEPE Dominates Trading Firm's Portfolio

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Tue, 23/05/2023 - 8:48
SHIB's Position Challenged as PEPE Dominates Trading Firm's Portfolio
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London-based cryptocurrency trading firm and liquidity provider Wintermute is making waves in the meme coin sector, shifting its portfolio significantly toward PEPE token.

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Jason Cline, a well-known cryptocurrency commentator, noted that Wintermute has amassed almost as much PEPE as its holding in APE coin, and it now has more PEPE than Shiba Inu (SHIB). This move signals an evolving dynamic within the meme coin market.

According to Cline, Wintermute has been actively trading PEPE in recent days. The firm sold off approximately $227,000 worth of PEPE, only to start repurchasing shortly afterward.

Although the exact reasoning behind these actions remains undisclosed, it clearly exhibits the powerful influence that prominent investors wield in the unpredictable world of meme coins.

This change in Wintermute's strategy aligns with the recent listing of PEPE on Bitfinex, an advanced digital asset trading platform.

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The announcement on May 22 signifies yet another milestone in the rapid ascent of this meme-themed token since its inception in April 2023.

It is worth noting that Wintermute continues to lead the Bitfinex leaderboard with over $143 million in trading volumes within a week. These occurrences highlight the sustained relevance of meme coins on the cryptocurrency landscape.

With PEPE joining the league of other meme coins listed on major exchanges, including Binance, OKX, Bitget and KuCoin, the impact of these shifting trends on the broader cryptocurrency market is yet to unfold.

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