Pepe, Shiba Inu whales stir the pot with $26M exchange deposits

Shiba Inu and Pepe See Significant Deposits on Binance, Outlook Remains Bearish

Analysis of Shiba Inu (SHIB) and Pepe (PEPE) memecoins revealed substantial deposits into exchanges from specific addresses. These deposits point to potential increased selling pressure or preparation for trading. However, overall exchange flow data for these memecoins suggests a different narrative.

Whale Deposits

According to Spot On Chain, whale transactions involved the deposit of nearly $26 million worth of SHIB and PEPE tokens into Binance. The SHIB whale deposited over 1 trillion tokens, valued at approximately $18 million. This represented all the SHIB tokens acquired by the address, which had been acquired in 2023 and yielded a substantial profit.

Additionally, a whale deposited 700 billion PEPE tokens, worth over $7.8 million, into Binance. Despite this, the whale retained 800 billion tokens, valued at over $9 million, indicating a potential 15% loss on the remaining tokens.

Exchange Flow Dynamics

Santiment data shows a significant spike in SHIB exchange inflow on June 24th, with over 1.7 trillion tokens entering exchanges. However, outflows were significantly lower, at around 790 billion tokens. Currently, outflows exceed inflows, suggesting that despite the whale deposits, a market dump has yet to occur.

Pepe's exchange flow dynamics mirrored SHIB's. Inflows initially exceeded outflows on June 24th, but outflows now surpass inflows. Over 2 trillion tokens have left exchanges, while inflows are nearly 923 billion.

Bearish Trend Persists

Despite price increases on June 24th, Pepe's daily chart indicates a continuation of the bearish trend, with its RSI below the neutral line. Shiba Inu's market situation is more challenging, with a decline of 2.80% on June 24th and an RSI below 30, strongly indicating an oversold condition.

Conclusion

While significant deposits of SHIB and PEPE into Binance have been observed, the overall exchange flow data suggests a different scenario. Outflows are exceeding inflows, which is contrary to what would be expected in the event of a market dump. Despite recent price increases, both memecoins remain in a bearish trend, as indicated by their technical indicators.