As the broader cryptocurrency market sees a slowdown in trading, the Ethereum meme Shiba Inu Coin (SHIB) and Pepe Coin (PEPE) are attracting attention. Despite the market decline, these currencies have remained relatively stable, raising curiosity about their future.
However, recent reports showing huge movements of cryptocurrency exchange whales SHIB and PEPE have raised questions about their potential future performance.
Shiba Inu coin and PEPE whales have made significant moves
In a surprising turn of events, a large number of Shiba Inu Coin and Pepe Coin holders, often referred to as “whales,” have offloaded a significant portion of their holdings. According to data from on-chain analytics platform Spot On Chain, two major whales recently transferred $25.95 million worth of SHIB and PEPE to Binance.
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Meanwhile, the first whale, known by the address 0x42a, deposited 1.088 trillion chips worth $18.12 million. This whale accumulated these coins during November and December of 2023, which were at the bottom of the market. It is worth noting that the whale’s estimated earnings are $8 million, which reflects a gain of 79%.
In addition, the second whale, identified as 0x837, deposited 700 billion PEPE, worth $7.83 million. Despite this large transfer, the whale still holds 800 billion PEPE, worth $9.22 million. However, their total losses from these properties are estimated at $3.47 million, a decrease of 15%.
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Prices and performance
The timing of these transactions suggests strategic maneuvers rather than panic selling. Given the historical accumulation at market lows, the first whale appears to be benefiting from SHIB’s recent price stability. Furthermore, a huge whale profit indicates a calculated exit, perhaps anticipating a pullback or reallocation of resources to other opportunities within the cryptocurrency.
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On the other hand, for the second whale, the PEPE movement seems less favorable. A realized loss indicates a possible re-evaluation of their investment strategy or the need to liquidate assets to cover other financial needs. However, the significant remaining holdings suggest they have not completely lost confidence in PEPE but are perhaps diversifying or hedging against further declines.
At the same time, the actions of these whales underscore the volatile nature of meme currencies, which, despite their playful origins, can result in significant financial gains or losses. Shiba Inu Coin and PEPE have shown resilience in the face of the broader market downturn, remaining in the green when major players like Bitcoin struggle.
As of writing, the Shiba Inu coin price is up 1.67% and is trading at $0.0000175, after hitting a 24-hour low of $0.00001642. Moreover, trading volume increased by 116.76% to reach $373.07 million. Furthermore, open interest for the Shiba Inu rose by 10.17% to $35.23 million at the time of writing, demonstrating increased market confidence towards cryptocurrencies.
Meanwhile, Pepe Coin’s price rose nearly 11% from yesterday to $0.00001186, with its trading volume up 103% to $957.27 million. Over the past 24 hours, the frog-themed meme saw a high of $0.00001198 and a low of $0.00001028. Additionally, Pepe Coin Open Interest noted a 23.37% rise to $129.20 million, indicating increased market interest.
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