SHIB Whales make $8 Million amid current bearish market momentum.
Whale movements of meme coins might bring fluctuations in the market.
The crypto market displays mixed signals with significant movements in the largest cryptocurrency by market cap, Bitcoin. BTC went down $59k in the past 24 hours with a 3% decline. Traditionally, declines in BTC influence fluctuations across altcoins and meme coins, yet some of them are bucking the trend and surging.
Over the last day, there was a 1.10% decrease in the global crypto market, plummeting to $2.26 trillion. Meanwhile, meme coin whale accumulation stands out amidst the broader decline. The ongoing whale activities have triggered substantial token movements, signaling potential volatility with opportunities for gains or losses.
Notably, meme coins such as PEPE, FLOKI, WIF, SHIB, and BONK have shown notable performance in the past 24 hours. PEPE surged by 11.43% to $0.00001166, FLOKI is trading at $0.0001722, marking a 12.53% increase and SHIB is up by 2% to $0.0000172. Meanwhile, WIF and BONK have surged by 22.38% and 17.45% respectively, according to CMC.
SHIB, PEPE, and WIF have particularly attracted attention due to large-scale transactions in recent whale activities, underscoring growing interest in meme coins.
A significant example includes a PEPE whale depositing 700 billion PEPE tokens worth $7.8 million into Binance just five hours ago, holding a total of 800 billion PEPE valued at $9.23 million, despite incurring a total loss of $3.5 million.
In another instance, an early buyer of WIF acquired 3.58 million coins at $21,000 in December 2023. Four hours ago, this buyer purchased an additional 938,000 WIF worth $1.6 million, now holding 3.97 million coins valued at around $7.3 million.
SHIB Whale’s Million Profit-Taking
Regarding SHIB, recent on-chain data reveals a significant transaction where a whale deposited 1.08 trillion SHIB tokens valued at approximately $18.12 million into Binance over the past 14 hours. The accumulation period spans from November to December 2023, with an estimated profit of around $8 million, highlighting substantial profit-taking and increased market volatility.
Last week, 2.20 trillion SHIB worth $39 million were transferred from Robinhood to an unknown wallet, while nine wallets spent $35.2 million purchasing 1.356 trillion SHIB at $0.00002596 in the first week of June.
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