Two whales caught the crypto community’s attention with significant meme coin deposits to the crypto exchange Binance.
The transactions triggered speculations among cryptocurrency enthusiasts. Are whales quitting to avoid upcoming declines?
Whale moves SHIB & PEPE worth millions of dollars
According to Spot on Chain, wallet Ox42a moved 1.088 trillion Shiba Inu tokens (worth approximately $18.12 million) to Binance.
The investors accumulated the assets in November-December 2023. Bears dominated the markets (at the time), and the trader’s dip-buy strategy worked.
The whale made around $8 million in profits as his valance increased by 79%.
Ten hours later, another whale (Ox837) deposited $7.83 million worth of PEPE, 700 billion tokens, to Binance.
Despite the massive move, the investor still holds coins worth $9.22 million (800 billion PEPE tokens).
Nonetheless, this whale endured losses of approximately $3.47 million – a 15% decline from initial investments.
The massive token transfer came after Bitcoin’s sudden dip to $60K on Monday. BTC trades at $60,657.78 during this publication.
Massive inflows in spot Bitcoin ETFs raised concerns among investors as the developments that Mt. Gox will sell BTC worth billions boosted bearish swings.
Also, miners intensified the downward by selling more assets (than usual) during declined hash rates.
That magnified fears in the crypto space, painting the entire market red.
The crypto Fear & Greed Index dipped to significant lows, suggesting intensified volatility as cautious sentiments dominate.
Impact of whale transfers on the market
The significant transactions attracted debates among crypto investors, with many questioning the intent, potential impacts, and future market trajectory.
Depositing millions worth of SHIB & PEPE to the crypto exchange could suggest a downward momentum for the altcoins.
Whales often transfer assets to exchanges when preparing to sell.
The SHIB whale could have left to escape bearish actions and retain his massive profits.
Meanwhile, the PEPE trader might have moved his chunk to avoid further losses in the upcoming sessions.
Increased selling pressure will trigger downward price movements for Shiba Inu and PEPE.
Meanwhile, the contrasts, where one investor nets profits while the other loses, underscores the significance of timing in the markets.
Joining at peak prices might result in losses, while a good entry would yield significant returns.
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