As the broader crypto market witnesses sluggish trading, Ethereum meme coins Shiba Inu Coin (SHIB) and Pepe Coin (PEPE) are catching attention. Despite a market slump, these coins have remained relatively stable, sparking curiosity about their future.
However, recent reports showing massive SHIB and PEPE whale movements to crypto exchange have raised questions about their potential future performance.
Shiba Inu Coin & PEPE Whales Made Significant Moves
In a surprising turn of events, large holders of Shiba Inu Coin and Pepe Coin, often referred to as âwhales,â have offloaded a substantial portion of their holdings. According to data from the on-chain analytics platform Spot On Chain, two major whales have recently moved $25.95 million worth of SHIB and PEPE to Binance.
Meanwhile, the first whale, known by the address 0x42a, deposited 1.088 trillion SHIB, valued at $18.12 million. This whale accumulated these coins during November and December of 2023, which was the market bottom. Notably, the whaleâs estimated profit stands at an impressive $8 million, reflecting a 79% gain.
In addition, the second whale, identified as 0x837, deposited 700 billion PEPE, worth $7.83 million. Despite this significant transfer, the whale still holds 800 billion PEPE, valued at $9.22 million. However, their total loss on these holdings is estimated at $3.47 million, reflecting a 15% decline.