SHIB and PEPE Whales Increase Selling Amid Bitcoin-Led Crypto Correction – Nearly $8 Million in Pepe (PEPE) Coins Deposited on Binance

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The meme coin sector is taking a major hit, falling below the $50 billion market cap, in line with the volatile consolidation in the cryptocurrency market. Some of the largest holders of Shiba Inu (SHIB) and Pepecoin (PEPE), known as “whales,” are making waves with massive sell orders amid Bitcoin (BTC)’s slide below $60,000. This selloff is sending the cryptocurrency market’s Fear and Greed Index (a tool created to assess market sentiment) to new lows, especially in meme coins. Let’s dive into some market analysis and on-chain data to get a deeper look at what’s happening!

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While Bitcoin tries to stay above $60,000, the total market capitalization of cryptocurrencies has fallen to approximately $2.3 trillion, down from a market capitalization of $2.83 trillion in April. This price action sent shockwaves throughout the cryptocurrency ecosystem, spurring widespread altcoin selling. Most altcoins have a small market cap compared to Bitcoin and are subject to higher volatility. Although altcoins have gained tremendous popularity since the last cycle, most of them show price drops of 10-30% when Bitcoin declines by just a few percent.

Memecoins like SHIB and PEPE are no exception to this capitulation, as both are facing significant selling pressure. Binance’s on-chain data shows how many of these tokens have been offloaded. Monitoring this data provides insight into exactly which portfolios are liquidating their holdings and for what amount.

According to the respected X account “Spot On Chain,” 700 billion PEPE (worth around $8 million) was sold at a loss of around $3.47 million. The wallet now holds around 800 billion PEPE (worth $9.22 million). In a recent tweet, another whale moved 1.1 trillion PEPE (worth $14.2 million) to a Binance deposit address and is waiting to be unloaded. They stated that this whale still holds 300 billion PEPE. These whales have reduced their positions by 47% and 79%, respectively. This shows that some of the largest cryptocurrency holders are being shaken out of the market, fearing that the worst is yet to come. It is common for people to move out of riskier positions when fear is high, even if it means cutting them at a loss.

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Spot On Chain also reported a similar phenomenon with SHIB, announcing that a whale deposited his entire SHIB holdings (1.088 trillion tokens worth $18.12 million) into Binance. On-chain data shows that this whale accumulated SHIB throughout November and December 2023, and sold it for a profit of around $8 million.

But what does selling whales mean and why should you care?

According to FasterCapital, “…whales can influence the price of a particular coin or token by buying or selling large amounts. This can create a domino effect, leading other traders to follow suit and creating a market trend.” This illustrates how analyzing on-chain transactions and market sentiment can put you ahead of the curve.

This rapid liquidation of SHIB and PEPE underscores the risky nature of cryptocurrencies. This market correction highlights the inherent risks and volatility of investing in cryptocurrencies. It is important to be careful with tokens that are vulnerable to market manipulation and understand how a few large players can significantly influence market dynamics. As the market’s trajectory evolves, investors must navigate diligently to protect existing holdings and use informed decision-making for new investments.

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