Whale Deposits $26 Million Worth of Meme-Inspired Cryptocurrencies on Exchanges
Two large whales have recently deposited a combined value of roughly $26 million in two meme-inspired cryptocurrencies – Shiba Inu ($SHIB) and Pepe Coin ($PEPE) – on leading cryptocurrency exchanges at a time when market prices have seen a significant decrease due to a wider market downturn. Let’s explore this intriguing move further.
First Whale Deposits $SHIB on Exchange
– An on-chain analytics firm, SpotOnChain, reported that one whale deposited 1.08 trillion SHIB tokens worth around $18.12 million on a top cryptocurrency exchange.
– The whale had accumulated the tokens during the period of November to December 2023, when market prices were at their lowest, resulting in an estimated profit of $8 million with a 79% return.
Second Whale Deposits $PEPE on Exchange
– The second whale deposited 700 billion PEPE tokens valued at $7.8 million on the exchange, while holding an additional 800 billion PEPE tokens.
– This deposit led to a loss of approximately $3.47 million or 15% for the whale.
PEPE Whale’s Actions
– The PEPE whale made a withdrawal of 1.653 trillion PEPE from Binance at an average price of $0.00001376 per token.
– They accumulated these tokens in May, with an estimated value of $22.7 million.
– The whale sold 853 billion PEPE tokens at an average price of $0.00001184, resulting in a sale worth around $10 million.
Dogwifhat’s Price Plunge and Market Capitalization
Dogwifhat ($WIF), a meme-inspired cryptocurrency based on Solana, suffered a significant price plunge in the past week, losing 36% of its value rapidly, causing it to drop out of the top 50 cryptocurrencies by market capitalization. This decline follows a trend in meme-inspired cryptocurrencies losing value recently.
Predictions for WIF and Market Performance
– A well-known cryptocurrency analyst expressed concerns about the future performance of WIF, indicating that the cryptocurrency, which had seen a remarkable increase of over 1,130%, might continue to decline before showing signs of recovery.
– The analyst shared a price chart highlighting technical levels and predicted a potential bounce but suggested that the price could continue to decrease.
WIF’s Exponential Rise and Trader Success
– WIF experienced exponential growth this year, with one trader proving the potential of meme-inspired cryptocurrencies by turning less than $2,000 of a Solana-based memecoin into over $10.9 million within just three months.
– This success story underscores the volatile but lucrative nature of meme-inspired cryptocurrency trading.
Hot Take: Watching Whales in the Cryptocurrency Market
As a crypto enthusiast, keeping an eye on whales depositing large amounts of cryptocurrencies on exchanges can provide valuable insights into market trends and potential price movements. The recent actions of these whales with SHIB and PEPE tokens reflect the dynamic nature of the crypto market and the significant impact that individual investors can have. Stay informed and continue to analyze the market to make informed investment decisions in the ever-evolving world of cryptocurrencies.
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