1 Trillion Shiba Inu (SHIB) Transfer Stuns World's Largest Exchange

Crypto Market Rebounds After Prolonged Sell-Off

After eight days of relentless selling, the crypto market has experienced a momentary respite. Amidst an overwhelming deluge of negative news and market sentiment, a long-awaited rebound has emerged.

Whales Invest Heavily in Shiba Inu and Pepe Coin

Against this backdrop, significant on-chain activity has been observed involving Shiba Inu (SHIB) and Pepe Coin (PEPE). Within the past 14 hours, two major crypto whales have deposited a combined $25.95 million worth of these tokens onto Binance, as reported by Spot On Chain.

Shiba Inu Whale Accumulation

Whale "0x42a" transferred a staggering 1.088 trillion SHIB, valued at $18.12 million. An analysis of the whale's activity suggests an accumulation period during November and December 2023, coinciding with the market bottom. It is estimated that the whale has profited by $8 million, representing a substantial 79% gain.

Pepe Coin Deposits

In another noteworthy transaction, whale "0x837" deposited 700 billion PEPE to Binance, equivalent to $7.83 million, approximately three hours ago. Currently, this whale holds another 800 billion PEPE, valued at $9.22 million. However, this entity faces an estimated total loss of $3.47 million, representing a 15% decline.

Implications for Market Direction

While large deposits to Binance may not necessarily indicate bullish sentiment, the next few days will be crucial in determining the direction of the crypto market. The question remains: has the worst of the sell-off passed?