PEPE and Shiba Inu face sell-off
Shiba Inu and PEPE memes face downward pressure as large holders, commonly known as whales, begin taking profits.
According to Spot On Chain, memecoin whales transferred large amounts of both SHIB and PEPE to centralized exchanges to withdraw their profits, with one whale receiving over $6 million in profits by depositing 200 billion SHIB enters Gemini and crypto.com.
This whale bought 15.2 trillion tokens four years ago at a cost of 10 ETH.
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Another crypto whale was spotted selling 1.9 trillion PEPE tokens for an estimated profit of around $3.3 million.
Whether SHIB, PEPE and other meme coins can fully recover remains to be seen, but continued interest from investors suggests these digital assets have many supporters.
