Two large whales have deposited roughly $26 million worth of two leading meme-inspired cryptocurrencies – Shiba Inu ($SHIB) and Pepe Coin ($PEPE) – on leading cryptocurrency exchanges at a time in which market prices have plunged amid a wider market downturn.
According to on-chain analytics firm SpotOnChain, one whale deposited 1.08 trillion SHIB tokens worth roughly $18.12 million into the leading cryptocurrency exchange after accumulating between November and December 2023 at the market bottom. Their accumulation when prices were depressed meant they made an estimate profit of $8 million for a 79% return.
Meanwhile the second whale deposited 700 billion PEPE tokens on the exchange, worth $7.8 million, while keeping an additional 800 billion PEPE token holdings. The deposit meant they realized a loss of around $3.47 million, or 15%.
The PEPE whale withdrew 1.653 trillion PEPE from leading cryptocurrency exchange Binance at an average price of $0.00001376 per token, accumulating in May the tokens for an estimated $22.7 million.
The whale has realized a sale of 853 billion PEPE tokens at an average price of $0.00001184 for roughly $10 million.
As reported, the Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) has seen its price plunge over the past week, losing 36% of its value in just a few days to drop out of the top 50 cryptocurrencies by market capitalization.
The price decline came shortly after a prominent cryptocurrency analyst has revealed he believed that the cryptocurrency, which at the time of his prediction was up over 1,130%, could keep on dropping before its performance turns around.
Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.
The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.
Featured image via Pixabay.
