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Shiba Inu and PEPE Whales deposit 1.8 trillion tokens on Binance, are they selling them?
Shiba Inu Whales and PEPE have begun to make their move in a market currently rocked by uncertainty. This time, these major investors are sending large quantities of tokens to centralized exchanges like Binance, suggesting they may consider download meme coinsSuch a move would put undue pressure on both Shiba Inu and PEPPER prices at a time when they are struggling to find their footing.
Shiba Inu whale sends 1.8 trillion trades
Spot On Chain, an on-chain data monitoring and aggregation platform, reported a transaction involving significant amounts of SHIB. While these large transactions are nothing new, this one stood out for the destination of the coins, which was cryptocurrency exchange Binance.
As the data tracker reports, the transaction with the whale was truly remarkable, given the amount SHIB he was carrying. The wallet, which had purchased the majority of its SHIB tokens between November and December 2023, transferred its total balance to Binance.
At the time, total SHIB transfers amounted to 1.088 trillion tokens, worth $18.2 million at the time of the transaction. Interestingly, much of its dollar value, $8 million, came from profits, as the tokens were at the bottom of the market. This resulted in a 79% return on investment for the Shiba Inu whale.
PEPE Sale of whales despite losses?
Another whale transaction that caught the attention of the on-chain tracker is that of a Whale PEPE. Similar to the Shiba Inu whale, the PEPE whale had filed 700 billion tokens on Binance exchange. At the time of the transaction, the tokens were worth $7.38 million.
However, unlike the Shiba Inu whale, the PEPE whale doesn’t actually see any profit. At the time of the report, the on-chain tracker estimated that the whale was posting a 12% loss on its holdings, which translated to a loss of $3.47 million.
Why is the destination important?
The destination of a transaction can often indicate what the owner intends to do with it. In cases involving centralized exchanges, it still becomes important whether coins enter or leave the exchange. In the number of coins entering the exchange, it could mean that holders are looking to sell. In the reverse case, when coins leave the exchange, it means that investors are accumulating coins, with greater propensity to purchase.
Since the whales are sending the Shiba Inu and PEPPER tokens at Binance, they are likely looking to sell. In the event of a sell-off, the already struggling prices of these meme coins could fall further as new supply floods the market.
Featured image created with Dall.E, chart from Tradingview.com