Hold onto your doge hats, meme coin enthusiasts! The crypto world is abuzz with activity after two major whales, big investors, deposited a combined $26 million worth of Shiba Inu (SHIB) and Pepe tokens into the Binance exchange. This news comes courtesy of Spot On Chain, a blockchain data tracker.
According to their findings, a Shiba Inu whale splashed over 1 trillion SHIB tokens, valued at more than $18 million, into the Binance pool. Interestingly, this transaction represented the entirety of the whale's SHIB holdings, suggesting a potential full sell-off.
Even sweeter for this investor, the data indicates a whopping 79% profit from their SHIB investment! But the party doesn't stop there. Another whale joined the fun, depositing a hefty 700 billion PEPE tokens, valued at over $7.8 million, onto the same exchange.
While this is a significant amount, it seems this whale isn't going all-in just yet. Spot On Chain reports that the whale is holding onto a remaining 800 billion PEPE tokens, estimated at over $9 million.
However, there's a slight catch: the data suggests this whale might be sitting on a 15% loss on those remaining PEPE holdings. So, what does this all mean? The jury is still out.
Some analysts see these large deposits as a potential signal for a rise in meme coin prices, with investors eager to jump on the bandwagon.
Others are more cautious, wondering if the Shiba Inu whale's full sell-off indicates a loss of faith in the project.Only time will tell how these deposits will impact the price of Shiba Inu and Pepe tokens. But one thing's for sure: the meme coin market is anything but stagnant, and these whale moves are sure to keep things interesting.
June 2024, Cryptoniteuae