Shiba Inu and PEPE whales have started to act in a market currently shaken by uncertainty. This time around, these high-profile investors are sending large amounts of tokens to centralized exchanges like Binance, suggesting they may be considering throw away the coins. Such a move would put undue pressure on Shiba Inu and PEPE prices at a time when they are struggling to find their footing.
Shiba Inu Whale Sends 1.8 Trillion Trades
Spot On Chain, an on-chain data tracking and aggregation platform, reported a transaction involving significant amounts of SHIB. While these large transactions are not new, this one stood out due to the destination of the coins, which was crypto exchange Binance.
As reported by the data tracking system, the transaction with whales was the most notable, given the amount of transactions. SHIB he wore. The wallet, which had purchased most of its SHIB tokens between November and December 2023, transferred its entire balance to Binance.
At the time, the total amount transferred by SHIB was 1.088 trillion tokens, which was worth $18.2 million at the time of the transaction. Interestingly, a large portion of its dollar value, $8 million, came from profits, given that the tokens were at market lows. This resulted in a 79% return on investment for the Shiba Inu Whale.
PEPE Whale sold despite losses?
Another whale transaction that caught the attention of the on-chain tracker was that of a Whale PEPESimilar to the Shiba Inu whale, the PEPE whale had deposit 700 billion tokens on the Binance exchange. At the time of the transaction, the tokens were worth $7.38 million.
However, unlike the Shiba Inu whale, the PEPE whale does not make any profit. At the time of publishing the report, the on-chain tracker estimates that the whale suffered a 12% loss on its holdings, which translated to a loss of $3.47 million.
Why is the destination important?
Where a transaction goes can often be indicative of what the holder plans to do with it. In cases of centralized exchanges, it becomes even more important whether coins enter or exit the exchange. In the case of coins entering the exchange, this could mean that holders are looking to sell. In the opposite case, when the coins leave the exchange, it means that investors are accumulating the coins, with a greater propensity to buy.
Since whales send the Shiba Inu and PEPE Tokens For Binance, it is likely that they are looking to sell. In the event of a sell-off, the already struggling prices of these meme coins could fall further as new supply floods the market.
Featured image created with Dall.E, chart from Tradingview.com
