Amidst a market decline over the previous day, two major whales have made significant deposits of Shiba Inu ($SHIB) and Pepe ($PEPE) tokens to Binance, raising questions about their market outlook on Ethereum-based memecoins.

Whale 0x42a deposited 1.088 trillion $SHIB, valued at approximately $18.12 million, around 14 hours ago. This whale accumulated $SHIB during the market bottom in November and December 2023.

With an estimated profit of $8 million, representing a 79% gain, the whale’s move suggests a strategic realization of profits during the current market conditions.

Similarly, Whale 0x837 deposited 700 billion $PEPE, worth around $7.83 million, three hours ago. Despite this substantial deposit, the whale still holds 800 billion $PEPE, valued at $9.22 million. However, this whale has not fared as well as 0x42a, experiencing an estimated total loss of $3.47 million, or 15%.

Despite these large deposits, both $PEPE and $SHIB have seen notable price increases today, with $PEPE up by 18% and $SHIB rising by 6%. These price movements indicate a potential short-term bullish sentiment among traders, possibly driven by the whales’ actions.

Two big whales deposited $25.95M worth of $SHIB and $PEPE to #Binance in the past 14 hours. Did whales become bearish with #Ethereum #memecoins?

1. Whale 0x42a deposited all 1.088T $SHIB ($18.12M) ~14 hours ago.

• Accumulation period: Nov and Dec 2023 (the market bottom).
•… pic.twitter.com/fspHueZ7Mi

— Spot On Chain (@spotonchain) June 25, 2024

The contrasting fortunes of these two whales highlight the unpredictable nature of the cryptocurrency market. Whale 0x42a’s profitable exit contrasts with Whale 0x837’s decision to cut losses, reflecting differing strategies and market perspectives.

The significant movement of funds by these whales underscores the influence of large holders on the market and raises questions about the future direction of $SHIB and $PEPE. Are these whales becoming bearish on Ethereum-based memecoins, or are they merely repositioning their portfolios in response to broader market dynamics?

As the market continues to react to these substantial deposits, investors will be closely watching for further signals from major players to gauge the next potential moves for $SHIB and $PEPE.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: peshkov/123RF // Image Effects by Colorcinch

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