Must-Read: Insights on the Recent Whales Dumping $26M in SHIB & PEPE
Ethereum-based meme coins, specifically Shiba Inu Coin (SHIB) and Pepe Coin (PEPE), which have shown resilience despite the overall market downturn. Recent large-scale movements of these coins by significant holders, or “whales,” have sparked interest and raised questions about their future performance.
Overview of Whales Activity
A detailed analysis reveals that two different whales recently transferred a combined $25.95 million worth of SHIB and PEPE to the Binance exchange. The first whale, known by the address 0x42a, deposited 1.088 trillion SHIB, valued at $18.12 million, with an impressive estimated profit of $8 million. Meanwhile, the second whale, identified as 0x837, deposited 700 billion PEPE, worth $7.83 million, despite incurring a total loss on these holdings estimated at $3.47 million as per spotonchain.
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These transactions indicate strategic moves rather than panic selling. The first whale seems to be capitalizing on the recent price stability of SHIB, with a calculated exit reflecting a potential downturn or reallocation of resources within the cryptocurrency space. For the second whale, the movement of PEPE displays less favorable results, with the realized loss pointing towards a potential reassessment of their investment strategy or the need to liquidate assets for other financial needs.
Market Trend
These actions highlight the volatile nature of meme coins and their potential for significant financial gains or losses. Despite their playful origins, Shiba Inu Coin and PEPE have demonstrated resilience compared to major players like Bitcoin during market downturns.
As of the latest data, Shiba Inu Coin was trading at $0.0000175, having increased by 1.67% from its 24-hour low of $0.00001642. Its trading volume rose by 116.76% to $373.07 million, and its open interest surged by 10.17% to $35.23 million, indicating growing market confidence.
Pepe Coin’s price surged nearly 11% to $0.00001186, with a trading volume increase of 103% to $957.27 million. Over the last 24 hours, it reached a high of $0.00001198 and a low of $0.00001028. Furthermore, its open interest also surged by 23.37% to $129.20 million, reflecting increasing market interest.
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