- SHIB and PEPE saw large deposits on the Binance exchange.
The memecoins have remained in a bear trend.
As a seasoned crypto investor with a keen interest in memecoins, I’ve been closely following the recent developments surrounding Shiba Inu (SHIB) and Pepe (PEPE). The data from various analytics platforms has been intriguing, to say the least.
Examining the trends of Shiba Inu (SHIB) and Pepe (PEPE) memcoins, it was discovered that certain wallets made substantial transfers to cryptocurrency exchanges.
The deposits indicate a possible surge in selling or readiness for trading, but the overall exchange data for these meme coins conveys a contrasting narrative, despite the significant inflows.
Pepe and Shiba Inu whales make huge deposits
As a data analyst examining transactions on the Spot On Chain platform, I’ve identified two substantial deposits made by “whales” into Binance. The first deposit consisted of approximately $13 million in Shiba Inu tokens, while the second deposit involved around $12.5 million in Pepe tokens.
The Shiba Inu whale transferred a massive sum of approximately 1 trillion SHIB tokens, equivalent to around $18 million in value, from their account – which held the entirety of their previously obtained SHIB tokens.
The data uncovered that this address purchased the tokens in 2023 and subsequently made around a 79% gain upon selling them.
The data from Spot On Chain revealed that yet another large investor transferred approximately 700 billion PEPE tokens, equivalent to more than $7.8 million, into Binance.
Despite the substantial hoard of 800 billion tokens it already held, valued at more than $9 million, the whale possessed an extra stockpile of the same tokens.
It was intriguing to note that the data revealed a 15% decrease in the value of the PEPE tokens linked to that particular address.
Contrasting daily Pepe and Shiba Inu flow
Examining the exchange activity data from Santiment for Shiba Inu uncovered a notable surge in inflows on the 24th of June.
The chart indicated that approximately 1.7 trillion SHIB tokens flowed in, while the tokens going out amounted to roughly 790 billion on that given day.
At present, the trend seems to have shifted, with more tokens leaving the system (approximately 842 billion) than entering (around 229 billion).
On June 24th, there was a noticeable increase in the amount of Pepe tokens flowing into exchanges versus those flowing out. Specifically, approximately 1.4 trillion tokens entered exchanges, while only around 900 billion tokens left.
I’ve observed a striking resemblance between the present state of affairs and Shiba Inu (SHIB) token dynamics. Recently, outflows have surpassed inflows, marking a significant shift in the trend. The latest statistics indicate that approximately 2 trillion tokens have been withdrawn from exchanges, while inflows stand at around 923 billion.
The increase in large withdrawals from whale wallets has not led to a noticeable market sell-off so far.
SHIB’s and PEPE’s bear trend continues
On a day-to-day basis, Pepe’s price analysis indicated noteworthy patterns in its recent price fluctuations. By the end of trading on the 24th of June, it had risen by 3.57%, reaching around $0.0000113.
As a analyst, I’ve observed a continued growth trend with an additional boost of more than 3%. The current value now hovers around $0.000016.
As an analyst, I’ve observed some noteworthy advances in the asset’s price movement. However, it’s important to note that its Relative Strength Index (RSI) has yet to surpass the neutral threshold. Consequently, from a technical standpoint, the trend remains bearish.
The current assessment of Shiba Inu reveals a more complex market scenario contrasting the optimistic tendencies observed in Pepe. According to the graph, Shiba Inu ended the day with a decline of 2.80%, causing its value to dip approximately to $0.0000170.
Since then, it has seen a slight uptick, trading at approximately $0.0000171.
Read Shiba Inu (SHIB) Price Prediction 2024-25
The RSI of Shiba Inu being under 30 indicates a significant downtrend.
In simple terms, an RSI value under 30 signifies not just that the asset is experiencing a downtrend, but also implies that it has been oversold in the recent market activity.
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2024-06-25 15:04