As the broader crypto market witnesses sluggish trading, Ethereum meme coins Shiba Inu Coin (SHIB) and Pepe Coin (PEPE) are catching attention. Despite a market slump, these coins have remained relatively stable, sparking curiosity about their future.

However, recent reports showing massive SHIB and PEPE whale movements to crypto exchange have raised questions about their potential future performance.

Shiba Inu Coin & PEPE Whales Made Significant Moves

In a surprising turn of events, large holders of Shiba Inu Coin and Pepe Coin, often referred to as “whales,” have offloaded a substantial portion of their holdings. According to data from the on-chain analytics platform Spot On Chain, two major whales have recently moved $25.95 million worth of SHIB and PEPE to Binance.

Meanwhile, the first whale, known by the address 0x42a, deposited 1.088 trillion SHIB, valued at $18.12 million. This whale accumulated these coins during November and December of 2023, which was the market bottom. Notably, the whale’s estimated profit stands at an impressive $8 million, reflecting a 79% gain.

In addition, the second whale, identified as 0x837, deposited 700 billion PEPE, worth $7.83 million. Despite this significant transfer, the whale still holds 800 billion PEPE, valued at $9.22 million. However, their total loss on these holdings is estimated at $3.47 million, reflecting a 15% decline.

Also Read: Coinbase (COIN) Falls 6% As Bitcoin Price Dips

Prices & Performance

The timing of these transactions suggests strategic maneuvers rather than panic selling. Given the historical accumulation at market lows, the first whale seems to be capitalizing on the recent price stability of SHIB. Besides, the whale’s hefty profit indicates a calculated exit, possibly anticipating a downturn or reallocating resources to other opportunities within the cryptocurrency space.

On the other hand, for the second whale, the movement of PEPE appears less favorable. The realized loss hints at a potential reassessment of their investment strategy or a need to liquidate assets to cover other financial needs. However, the remaining significant holdings suggest that they haven’t completely lost faith in PEPE but are perhaps diversifying or hedging against further declines.

Meanwhile, the actions of these whales underscore the volatile nature of meme coins, which, despite their playful origins, can lead to significant financial gains or losses. Shiba Inu Coin and PEPE have demonstrated resilience in the face of broader market downturns, remaining in the green when major players like Bitcoin struggle.

As of writing, the Shiba Inu Coin price was up 1.67% and exchanged hands at $0.0000175, after touching a 24-hour low of $0.00001642. Furthermore, its trading volume rose 116.76% to $373.07 million. Besides, Shiba Inu Open Interest rose 10.17% to $35.23 million during writing, showcasing increasing market confidence towards the crypto.

Simultaneously, the Pepe Coin price rose nearly 11% from yesterday to $0.00001186, with its trading volume skyrocketing 103% to $957.27 million. Over the last 24 hours, the frog-themed meme coin saw a high of $0.00001198 and a low of $0.00001028. Additionally, Pepe Coin Open Interest noted a surge of 23.37% to $129.20 million, indicating growing market interest.

Also Read: Bitcoin Price Influenced by 3 Liquidity Factors, Here’s All

The post Shiba Inu Coin & Pepe Coin Whales Offload $26M In SHIB & PEPE, What’s Next? appeared first on CoinGape.

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Filed under: News - @ June 25, 2024 5:22 am