No Longer Funny? Crypto Whales Move $26M in Meme Coins SHIB and PEPE Amid Market Downturn

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As a seasoned crypto investor with a keen interest in meme-inspired cryptocurrencies, I’m keeping a close eye on recent developments in the market. The news of two large whales depositing significant amounts of Shiba Inu ($SHIB) and Pepe Coin ($PEPE) on leading exchanges has piqued my curiosity.

Two large investors, each with approximately $13 million to spend, have recently transferred significant quantities of the meme-based cryptocurrencies Shiba Inu ($SHIB) and Pepe Coin ($PEPE) onto major cryptocurrency exchanges. This move comes as market prices for these and other cryptocurrencies experience a sharp decline due to a broader market slump.

Based on data from cryptocurrency analytics firm SpotOnChain, a significant investor transferred 1.08 trillion SHIB tokens, equivalent to around $18.12 million, into the major crypto exchange during late 2023. Having purchased these tokens between November and December when prices were at their lowest points, they achieved an impressive profit of approximately $8 million – representing a return of roughly 79%.

Simultaneously, another whale transferred 700 billion PEPE tokens, valued at approximately $7.8 million, to the exchange. At the same time, this large investor held onto an extra 800 billion PEPE tokens in their possession. This transaction resulted in a loss of roughly $3.47 million or 15% of their initial investment.

Two large digital wallets, holding approximately 1.088 trillion Shiba Inu ($18.12M) and 655.9 billion Pepe ($7.83M), transferred these meme coins to Binance within the last sixteen hours. Could this be a sign of whales taking a bearish stance towards Ethereum and memecoins?

— Spot On Chain (@spotonchain) June 25, 2024

A large PEPE whale withdrew approximately 1.653 trillion PEPE tokens from Binance, with each token costing an average price of around $0.00001376. In May, they acquired these tokens for roughly $22.7 million.

The whale has successfully sold off 853 billion PEPE tokens, with an average token price of about $0.00001184, resulting in a revenue of approximately $10 million.

According to recent reports, the meme-inspired cryptocurrency Dogwifhat ($WIF), which is built on the Solana blockchain, has experienced a significant price decrease over the past week. Approximately 36% of its value has been lost in just a few days, causing it to fall out of the top 50 cryptocurrencies in terms of market capitalization.

After a well-known cryptocurrency analyst expressed his conviction that a particular cryptocurrency, whose value had already increased by more than 1,130% at the time of his statement, was likely to continue decreasing before recovering, the price took a downturn.

In his analysis, anonymous expert Altcoin Sherpa indicated that he believes WIF‘s price will rebound based on the technical levels displayed in the chart. However, he expressed doubt that this is the definitive bottom and anticipates further price decreases.

As a researcher studying the cryptocurrency market, I’ve observed an intriguing trend this year. A meme-inspired digital currency based on the Solana blockchain experienced remarkable growth. To put it into perspective, one savvy trader transformed a meager investment of under $2,000 in this memecoin into an impressive fortune of over $10.9 million within just three short months.

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2024-06-26 04:12