In the world of cryptocurrency, there have been significant deposits of Shiba Inu (SHIB) and Pepe (PEPE) by large investors, known as “whales”, on the cryptocurrency exchange Binance. These transactions have sparked discussions within the crypto community, and were reported by Spotonchain. Let’s delve into the details and potential implications of these movements.
Trillion SHIB Movement by a Whale
A whale with the address 0x42a has deposited 1.088 trillion SHIB, valued at $18.12 million, on Binance approximately 14 hours ago. Upon scrutiny of the whale’s activities, it was revealed that the purchase of SHIB took place during November and December 2023, when the market was at its lowest. This strategic move has resulted in a notable gain of 79% for the whale, equating to an estimated profit of around $8 million.
Whale’s PEPE Investment
On the other hand, another whale identified as 0x837 deposited 700 billion PEPE, amounting to $7.83 million, on Binance about three hours ago. Despite this substantial investment, the whale still holds 800 billion PEPE, valued at $9.22 million. However, unlike the first whale, this investor has incurred an estimated total loss of approximately $3.47 million, resulting in a 15% loss on their investments.
Possible Market Impacts of the Investments
The actions of these whales can be interpreted in various ways. The large deposits of SHIB and PEPE on Binance may indicate a bearish trend for these assets, as it often suggests a preparation for selling when whales move their assets to an exchange. This selling activity can lead to a downward wave in cryptocurrency prices, putting downward pressure on token prices. The contrasting outcomes of the two whales at the profit point underscore the significance of timing when entering the crypto market. Entering cryptocurrencies at their peaks can lead to significant losses, while choosing the right entry time can result in profitable transactions.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.