Bitrabo Editorial
Prominent Shiba Inu and PEPE whales are making moves during a time of uncertainty in the market. They are transferring substantial amounts of tokens to prominent exchanges like Binance, indicating a potential intention to sell off the meme coins. This action could add pressure to the struggling prices of Shiba Inu and PEPE.
Shiba Inu Whale’s Transfer to Exchanges
Spot On Chain, a platform for tracking on-chain data, highlighted a significant transaction involving SHIB tokens. This particular transaction is noteworthy because of the destination of the tokens, which was the Binance exchange.
The whale’s transaction was remarkable due to the large amount of SHIB tokens involved. The wallet, which accumulated its SHIB tokens mainly between November and December 2023, moved its entire balance to Binance.
The transferred amount was 1.088 trillion tokens, valued at $18.2 million during the transaction. Notably, a considerable portion of the value, $8 million, was profit, indicating a 79% return on investment for the Shiba Inu whale.
PEPE Whale Selling Despite Losses?
Another significant transaction monitored by the on-chain tracker involved a PEPE whale depositing 700 billion tokens into Binance, valued at $7.38 million at the time of the transaction.
Unlike the Shiba Inu whale, the PEPE whale was experiencing a loss. The on-chain tracker estimated a 12% loss on the holdings, equivalent to a $3.47 million loss at the time of reporting.
Why Is The Destination Important?
The destination of a transaction often provides insight into the holder’s intentions with the tokens. Transferring tokens to centralized exchanges like Binance can signal a potential sale. When tokens are leaving an exchange, it suggests accumulation by investors with a higher likelihood of buying.
Considering the transfer of Shiba Inu and PEPE tokens to Binance by whales, it is probable that they are preparing to sell. If a sell-off occurs, the prices of these meme coins, already under pressure, could further decline due to increased supply in the market.