Shiba Inu Coin (SHIB) and Pepe Coin (PEPE), two Ethereum meme coins, are gaining notice as trade in the larger cryptocurrency market is slow. These coins have held steady throughout a market downturn, raising questions about their future.
However, recent reports demonstrating significant SHIB and PEPE whale moves to cryptocurrency exchanges have highlighted concerns regarding their possible future performance.
Shiba Inu Coin & PEPE Whales Undertook Notable Changes
Large owners of Pepe Coin and Shiba Inu Coin, also known as “whales,” have sold off a sizable chunk of their holdings in an unexpected turn of events. Data from the on-chain analytics company Spot On Chain indicates that two significant whales have transferred $25.95 million worth of PEPE and SHIB to Binance.
In the meantime, the first whale, identified by the address 0x42a, deposited 1.088 trillion SHIB, or $18.12 million. This whale amassed these coins during the market’s lowest point in November and December of 2023. Notably, the whale has made a 79% gain, with a projected profit of an astounding $8 million.
Furthermore, whale 0x837, the second whale, left behind 700 billion PEPE, or $7.83 million. Despite this big move, the whale still has 800 billion PEPE, or $9.22 million. However, these holdings’ anticipated total loss is $3.47 million, indicating a 15% fall.
Costs and Efficiency
The timing of these sales points more towards calculated moves than panicked selling. Based on past accumulation during market lows, the first whale is taking advantage of SHIB’s recent price stability. Furthermore, the whale’s colossal profit suggests a planned withdrawal—possibly in anticipation of a slump or reallocating funds to other cryptocurrency-related opportunities.
However, the movement seems less favourable for the second whale. The realised loss suggests that they may need to liquidate assets to meet other financial obligations or that they should review their investing plan. The substantial positions imply that they may still be holding onto some hope for PEPE and are instead diversifying or hedging against potential losses.
Meanwhile, these whales’ activities highlight how erratic meme coins can be, even with lighthearted beginnings. They can result in large profits or losses in terms of money. PEPE and Shiba Inu Coin have proven resilient in the face of larger market downturns, maintaining their favourable positions when significant competitors such as Bitcoin experience difficulties.
Shiba Inu Coin touched a 24-hour low of $0.00001642 before closing at $0.0000175, up 1.67% as of this writing. In addition, the volume of its trades increased by 116.76% to $373.07 million. During writing, Shiba Inu Open Interest increased by 10.17% to $35.23 million, indicating growing market confidence in cryptocurrencies.
Concurrently, the price of Pep Coin increased by about 11% from the previous day to $0.00001186, and its trading volume surged by 103% to $957.27 million. The frog-themed meme coin hit a top of $0.00001198 and a low of $0.00001028 in the past 24 hours. Pepe Coin Open Interest also showed an increase in market interest, rising by 23.37% to $129.20 million.
