Shiba Inu and PEPE whales have begun to make their move in a market currently rocked with uncertainty. This time around, these prominent investors are sending large amounts of tokens to centralized exchanges like Binance, suggesting that they could be looking at dumping the meme coins. Such a move would put undue pressure on both the Shiba Inu and PEPE prices at a time when theyre struggling to find their footing.

Spot On Chain, an on-chain data tracking and aggregation platform, reported a transaction carrying significant amounts of SHIB. While these large transactions are not new, this one stood out due to the destination of the coins, which was the Binance crypto exchange.

As the data tracker reports, the whale transaction was most notable, given the amount of SHIB it was carrying. The wallet, which had bought most of its SHIB tokens between November and December 2023, transferred its total balance to Binance.

At the time, the total SHIB transferred was 1.088 trillion tokens, which was worth $18.2 million at the time of the transaction. Interestingly, a large chunk of its dollar value, $8 million, was from profit, given that the tokens were bottom at the bottom of the market. This translated to a 79% return on investment for the Shiba Inu whale.

Another whale transaction which caught the attention of the on-chain tracker is that of a PEPE whale. Similar to the Shiba Inu whale, the PEPE whale had deposited 700 billion tokens to the Binance exchange. At the time of the transaction, the tokens were worth $7.38 million.

However, unlike the Shiba Inu whale, the PEPE whale is actually not seeing any profit. At the time of the report, the on-chain tracker estimates that the whale was seeing a 12% loss on its holdings, which translated to a $3.47 million loss.

Why Is The Destination Important?

The destination of a transaction can often be a tell for what the holder plans to do with it. In cases involving centralized exchanges, it becomes even important whether the coins are entering or leaving the exchange. In the of coins entering the exchange, it could mean the holders are looking to sell. In the reverse case, when coins are leaving the exchange, it means investors are accumulating the coins, with more inclination to buy.

Given that the whales are sending the Shiba Inu and PEPE tokens to Binance, it is likely they are looking to sell. In the event of a sell-off, the already struggling prices of these meme coins could fall further as new supply floods the market.

Featured image created with Dall.E, chart from Tradingview.com

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Shiba Inu And PEPE Whales Deposit 1.8 Trillion Tokens To Binance, Are They Selling? | Bitcoinist.com - Bitcoinist