Two Whales Deposit $26M Worth of Shiba Inu ($SHIB) and Pepe Coin ($PEPE) to Binance Amid Market Downturn

Two large whales have deposited roughly $26 million** worth of two leading **meme-inspired** cryptocurrencies–Shiba Inu (**$SHIB) and PepeCoin ($PEPE**)–on

Two **large** cryptocurrency whales have deposited roughly **$26 million worth of two leading meme-inspired cryptocurrencies on leading cryptocurrency exchanges at a time in which market prices have plunged amid a wider market downturn.

According to on-chain analytics firm SpotOnChain, one whale has moved 1.08 trillion SHIB tokens, valued at around $18.12** million, to the leading cryptocurrency exchange. The tokens were acquired by the whale gradually over the course of November and December 2023, at the bottom of the bear market. This strategy appears to have paid off, as the whale realized a profit of roughly **$8 million, or 79%, on the trade.

At the same time, a second whale has moved 700 billion PEPE tokens onto the exchange, valued at around $7.8** million, with an additional 800 billion PEPE tokens remaining in their holdings. This move resulted in a loss of roughly 15%, or around **$3.47 million.

Two big whales deposited $25.95**M worth of **$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

The PEPE whale withdrew 1.653 trillion PEPE from Binance at an average price of around $0.00001376** per token, having acquired the tokens in May for roughly **$22.7 million. The whale proceeded to sell 853 billion PEPE tokens at an average price of around $0.00001184** for roughly **$10 million.

As recently reported, the Solana-based meme coin Dogwifhat ($WIF) has seen its price plunge over the past week, losing around 36% of its value in just a few days to drop out of the top 50 cryptocurrencies by market capitalization. The price decline comes shortly after a prominent cryptocurrency analyst shared his belief that the cryptocurrency, which at the time of his prediction had risen by over 1,130%, could keep dropping before its performance turns around. Indicating technical levels on a price chart, the pseudonymous analyst, known as AltcoinSherpa, said he expects WIF to bounce but doesn’t “really think this is the overall bottom,” and that he expects the price to drop further.

The meme-inspired cryptocurrency has risen sharply this year that one trader managed to turn less than $2,000** worth of a Solana-based meme coin into over **$10.9 million in three months.

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