Shiba Inu And PEPE Whales Deposit 1.8 Trillion Tokens To Binance, Are They Selling?

Shiba Inu and PEPE Whales Stir Market Jitters

Recent market turbulence has seen Shiba Inu and PEPE whales shifting significant token volumes to centralized exchanges like Binance. This action suggests potential intentions to sell off these meme coins. Such a move could exert pressure on Shiba Inu and PEPE prices, particularly at a time when they are facing challenges.

Shiba Inu Whale Transfers Trillions

On-chain data tracking platform Spot On Chain reported a substantial SHIB transaction transferring 1.088 trillion tokens (worth $18.2 million) to Binance. This move stands out due to the whale's substantial SHIB holdings, acquired largely between November and December 2023. Notably, the transfer yielded an impressive 79% return on investment.

PEPE Whale Sells Amidst Losses

Another prominent transaction involves a PEPE whale depositing 700 billion tokens ($7.38 million) to Binance. Unlike the Shiba Inu whale, this transfer represents a 12% loss, amounting to $3.47 million.

Significance of Exchange Destinations

The destination of token transactions can reveal potential intentions. Coins entering centralized exchanges often suggest selling intentions, while coins leaving imply accumulation and buying interest.

Given the whale transfers of Shiba Inu and PEPE tokens to Binance, it is plausible that they intend to sell. Such a sell-off could exacerbate the downward pressure on these meme coins' prices if increased supply enters the market.