In a surprising move, two major Shiba Inu Coin (SHIB) and Pepe Coin (PEPE) whales offloaded $25.95 million worth of these meme coins to Binance amidst a sluggish broader crypto market. This event, occurring in November and December 2023, has raised questions about the future performance of SHIB and PEPE.
The first whale, identified as 0x42a, deposited 1.088 trillion SHIB valued at $18.12 million, realizing a 79% profit. The second whale, 0x837, transferred 700 billion PEPE worth $7.83 million but faced a 15% loss.
This strategic maneuver highlights the volatility of meme coins. Despite this, SHIB’s price rose by 1.67% to $0.0000175, and PEPE’s by nearly 11% to $0.00001186, showcasing their resilience. Trading volumes for both coins also surged significantly.
These whale actions underline the importance of market strategy and the potential for substantial gains or losses in the cryptocurrency space.
