While the cryptocurrency market remains flat, Ethereum-based meme coins Shiba Inu Coin (SHIB) and Pepe Coin (PEPE) are attracting attention. Despite the general market stagnation, these coins remain relatively stable, raising curiosity about their future. However, recent reports that SHIB and PEPE whales are transferring large amounts to cryptocurrency exchanges raise questions about their future performance.
Coin transfer from SHIB and PEPE coin whales to Binance
In one surprising development, major investors in Shiba Inu Coin and Pepe Coin, players often referred to as “whales,” have divested significant amounts of their holdings. According to data from the on-chain analysis platform called Spot On Chain, two big whales recently transferred SHIB and PEPE worth a total of $ 25.95 million to Binance. The first whale, account 0x42a, transferred 1.088 trillion SHIB worth $18.12 million. This whale accumulated the coins in question in November and December 2023, that is, when the market was at the bottom.
Remarkably, the whale’s profits are estimated to be around $8 million, representing a 79% gain. In addition, the second whale, identified as 0x837, transferred 700 billion PEPE worth $7.83 million. Despite this significant transfer, the whale still holds 800 billion PEPE worth $9.22 million. However, its losses on these assets are estimated at approximately $3.47 million, a loss of 15%.
ONDO and MKR whales also took action
In addition, according to The Data Nerd on June 25, a whale named 0xC4A transferred 2,350 MKR (approximately $5.04 million) to the OKX exchange. This whale has an interesting history. Five months ago, he spent $13.08 million, accumulating 2,350 MKR, 39,100 AAVE and 1.4 million LDO, and then sold them all for $11.4 million, making a total loss of about $1.7 million.
Also on the same day, an investor known as “Smart Money” transferred 1.1 million ONDO (approximately $1.23 million) to the Kucoin exchange, according to monitoring by The Data Nerd. It is known that this address accumulated 2.2 million ONDO by spending $495,000 four months ago and made a profit of approximately $1.61 million, a 326% return on this investment.
What do the movements of whales tell?
The timing of these transactions indicates strategic maneuvers rather than panic selling. The first whale appears to be benefiting from SHIB’s recent price stability, given its historical accumulation at the market bottom. Additionally, the high profit made by the whale indicates a calculated exit. It is thought that this outflow may be due to the expectation of a potential decline or to allocate resources to other opportunities in the cryptocurrency market.
On the other hand, for the second whale, the PEPE transfer looks less positive. The realized loss may indicate a potential re-evaluation of investment strategy or the need for assets to be liquid to meet other financial needs. However, his significant remaining holdings suggest that he has not completely lost faith in PEPE, perhaps diversifying or protecting himself against further declines.
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