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Pepe and Shiba Inu Whales Shake Things Up with $26M in Exchange Deposits

  • Wow, big news in the world of memecoins!
  • Exciting developments for SHIB and PEPE!

Guess what? Some major deposits were spotted on Binance, involving SHIB and PEPE memecoins. These deposits hint at potential selling pressure or trading activities. But hold on, there’s more to this story when we look at the overall exchange flow data for these memecoins.

Whale Alert: Big Deposits from Pepe and Shiba Inu Whales

Recent data from Spot On Chain reveals jaw-dropping transactions on Binance involving substantial amounts of Shiba Inu and Pepe tokens, totaling nearly $26 million!

One whale deposited over 1 trillion SHIB tokens, valued at a whopping $18 million. Talk about a risky move! This address acquired the tokens back in 2023 and made a tidy profit of about 79% from the sale.

On the PEPE side, another whale made a deposit of 700 billion tokens worth over $7.8 million. That’s quite the nest egg, as they still hold over 800 billion tokens, valued at $9 million despite a 15% loss on the remaining stash.

Pepe and Shiba Inu Flow Dynamics

Taking a closer look at the exchange flow data for Shiba Inu, there was a massive spike in inflow on June 24th, surpassing 1.7 trillion tokens. In contrast, the outflow volume was much lower at around 790 billion tokens.

Fast forward to now, we see a reversal in the trend with outflows exceeding inflows. Keep an eye on those numbers – outflows are now around 842 billion tokens versus inflows of approximately 229 billion tokens.

Meanwhile, the analysis for Pepe exposes an interesting pattern. On June 24th, there was a surge in inflows with over 1.4 trillion tokens entering exchanges, while less than 900 billion left.

Source: Santiment

The tide has shifted with SHIB showing higher outflows than inflows, mirroring the PEPE scenario. Recent data suggests over 2 trillion tokens have left exchanges while inflows hover around 923 billion tokens.

Shiba Inu and Pepe outflow

Source: Santiment

With so many tokens on the move, the market is bracing for a potential dump. Stay tuned!

Don’t Miss the Bear Trend for SHIB and PEPE

Pepe seems to be riding the wave with a 3.57% increase in value, closing at around $0.0000113 on June 24th. The good times continue as it jumps another 3%, now standing at $0.000016.

Pepe price trend

Source: TradingView

On the flip side, Shiba Inu closed at a loss of 2.80%, dropping to $0.0000170. It’s on a slight upward trend now, currently trading at $0.0000171.

Shiba Inu price trend

Source: TradingView


Curious about the future of Shiba Inu (SHIB)? Check out the Price Prediction for 2024-25!


Oh, and did you know the Relative Strength Index (RSI) is signaling a bearish trend for both Shiba Inu and Pepe? The RSI is below 30, indicating an oversold condition. Stay vigilant!

 

Next: Bitcoin: Why you shouldn’t be “overly excited or scared” by BTC’s swings

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