The crypto world is buzzing with activity after two major investors, known as whales, deposited a combined 1.8 trillion tokens on cryptocurrency exchange Binance. This has analysts scratching their heads, wondering if it signifies a potential sell-off.
Shiba Inu Whale Books Profits:
One whale, wielding a massive 1.088 trillion Shiba Inu (SHIB) tokens (worth roughly $18.2 million), transferred their entire holding to Binance. This fire sale likely netted the whale a hefty profit, with estimates suggesting a 79% return on investment since their buying spree in November and December 2023, which coincided with the market bottom.
PEPE Whale Swims Against the Current:
Another whale made a splash with a 700 billion PEPE token deposit (around $7.38 million). Unlike the SHIB whale, this investor appears to be underwater, facing potential losses of up to 12% on their holdings. The reason for depositing despite the losses remains unclear.
Binance Deposits: Cause for Concern?
Binance is a popular exchange for trading cryptocurrencies. While deposits can indicate buying activity, they can also precede selling. Analysts are watching closely to see if these tokens hit the market, potentially causing price fluctuations for SHIB and PEPE.
Uncertain Future for SHIB and PEPE
The motives behind these whale movements are uncertain. The SHIB whale's actions suggest potential profit-taking, while the PEPE whale's strategy is less clear. Only time will tell if this is a prelude to a sell-off or simply a strategic shift by these major investors.
June 2024, Cryptoniteuae