- The cryptocurrency market saw significant activity with notable deposits of SHIB and PEPE tokens on Binance.
- Both memecoins have been experiencing a consistent bear trend.
- Key whale transactions highlight a complex flow of tokens on the exchange platform.
An in-depth look at recent whale activities in the cryptocurrency market, focusing on substantial movements of SHIB and PEPE tokens and their implications for future trading trends.
Whale Movements of Shiba Inu and Pepe Tokens
Recent data from Spot On Chain reveals large-scale transactions involving Shiba Inu (SHIB) and Pepe (PEPE) tokens. Specifically, nearly $26 million worth of these tokens were deposited into the Binance exchange by major “whale” investors.
A prominent Shiba Inu investor moved over 1 trillion SHIB tokens, valued at around $18 million, marking a significant offload of assets. Acquired in 2023, the investor realized approximately a 79% profit through this transaction.
Similarly, a substantial deposit of 700 billion PEPE tokens, totaling over $7.8 million, was made by another whale. Interestingly, this whale continued to hold 800 billion tokens, worth more than $9 million, despite incurring a 15% loss on these remaining assets.
Daily Flow Analysis: Shiba Inu and Pepe
Exchange flow analysis for Shiba Inu highlights a notable spike in activity on June 24th, as reported by Santiment. The inflow volume surged to over 1.7 trillion SHIB tokens, while outflows were significantly lower at approximately 790 billion tokens.
Recent trends indicate a reversal, with outflows now surpassing inflows. Updated data shows outflow volumes at about 842 billion tokens, compared to an inflow of around 229 billion tokens, suggesting different market dynamics.
Similarly, Pepe’s exchange flow on the same date saw inflows exceeding 1.4 trillion tokens, while outflows were under 900 billion tokens. This trend has since reversed, with current data indicating over 2 trillion PEPE tokens exiting exchanges and inflow volume nearing 923 billion tokens, hinting at cautious trading behaviors.
Ongoing Bear Trend for SHIB and PEPE
Reviewing the daily price movement of Pepe, the token showed optimistic signs by recording a 3.57% gain on June 24th, closing at approximately $0.0000113. This upward trend continued slightly, with prices reaching around $0.000016 lately.
Despite these gains, Pepe’s Relative Strength Index (RSI) remains below the neutral point, reflecting a sustained bearish trend.
On the other hand, Shiba Inu’s market performance has been less promising. The token experienced a 2.80% decline, closing at roughly $0.0000170. It has seen a marginal recovery, trading at about $0.0000171, yet its RSI remains below 30, indicating a strong bearish sentiment and oversold conditions.
Conclusion
The significant whale transactions of SHIB and PEPE tokens into Binance indicate complex trading strategies and market anticipations. Despite substantial deposits, the predominance of outflow volumes highlights restrained market behavior, pointing towards ongoing bearish trends for both tokens. Investors should closely monitor these dynamics as they navigate the volatile landscape of cryptocurrency trading.
