As the values of both meme cryptocurrencies recovered today, unidentified whales moved more than $10 million in US dollars’ worth of Shiba Inu and $4.3 million worth of PEPE to three significant centralised exchanges, according to a tweet from the @spotonchain analytics platform. The tweet claims that if these whales do sell their meme coins, they will both make a huge profit.
The previously cited insider speculates that since SHIB and PEPE have both shown significant recoveries, the meme coin season may be coming to an end at this point.
https://x.com/spotonchain/status/1767509182796755201?s=20
Whales transfer billions of SHIB and PEPE to top CEXes
According to the on-chain data portal @spotonchain, one of these whales was a pioneer SHIB holder. Four years ago, he paid 10 ETH for a pile of meme coins, worth a whopping 15.2 trillion SHIB (in 2020, ETH went from $262 at the start of the year to $590 at the conclusion).
This investor sent 200 billion Shiba Inu, or $6.49 million, to the Gemini and Crypto.com exchanges not too long ago. He currently has 2.6 trillion SHIB (worth $85.15 million in fiat currency) remaining, with an expected profit of almost $129 million on that quantity of meme cryptocurrency.
On March 11, a significant movement of SHIB meme currencies was also observed by well-known blockchain detective Whale Alert. A staggering 332,427,690,902 SHIB worth of Shiba Inu was transferred from a wallet owned by the cryptocurrency trading company Cumberland to an unnamed wallet.
https://x.com/whale_alert/status/1767248010595963184?s=20
SHIB and PEPE rebound from recent highs
Over the past week, the cryptocurrencies SHIB and PEPE meme have both experienced significant increases. Shiba Inu has lost 28.43% of its value since March 5 after reaching a high of $0.00004564. At $0.00003266, the second-largest meme currency is being traded as of this writing.
Following a 48.16% price spike that saw PEPE hit a high of $0.00000991 on March 9, the stock has since staged a 16.80% comeback to $0.00000825.
