SHIB Whales Rake in $8 Million Amidst Bearish Market Momentum
The market for meme coins is experiencing fluctuations due to the movements of whales. Despite a decline in Bitcoin, the largest cryptocurrency by market cap, some meme coins are defying the trend and seeing a surge in value.
In the past 24 hours, Bitcoin has dropped by $59k, resulting in a 3% decline. This decline typically affects the prices of altcoins and meme coins. However, some meme coins like PEPE, FLOKI, WIF, SHIB, and BONK are bucking the trend and performing well.
The global crypto market has experienced a 1.10% decrease in the past day, reaching a total value of $2.26 trillion. Amidst this decline, meme coin whales are accumulating tokens, leading to significant movements in the market. These movements indicate potential volatility, which presents opportunities for gains or losses.
Particularly, PEPE, FLOKI, WIF, SHIB, and BONK have shown impressive performance in the last 24 hours. PEPE has surged by 11.43% to $0.00001166, FLOKI is currently trading at $0.0001722, marking a 12.53% increase, and SHIB has seen a 2% increase, reaching $0.0000172. Additionally, WIF and BONK have surged by 22.38% and 17.45% respectively, according to CMC.
SHIB, PEPE, and WIF have attracted significant attention due to recent whale activities involving large-scale transactions. This highlights the growing interest in meme coins.
An interesting example involves a PEPE whale who deposited 700 billion PEPE tokens worth $7.8 million into Binance just five hours ago. This whale currently holds a total of 800 billion PEPE, valued at $9.23 million, despite incurring a total loss of $3.5 million.
Another notable instance is an early buyer of WIF who acquired 3.58 million coins at $21,000 in December 2023. This buyer recently purchased an additional 938,000 WIF worth $1.6 million, bringing their total holdings to 3.97 million coins valued at around $7.3 million.
In the case of SHIB, recent on-chain data reveals a significant transaction where a whale deposited 1.08 trillion SHIB tokens, worth approximately $18.12 million, into Binance over the past 14 hours. This whale has been accumulating SHIB tokens since November to December 2023, resulting in an estimated profit of around $8 million. This highlights significant profit-taking and increased market volatility.
Notably, last week, 2.20 trillion SHIB, worth $39 million, were transferred from Robinhood to an unknown wallet. Additionally, nine wallets spent $35.2 million purchasing 1.356 trillion SHIB at $0.00002596 in the first week of June.
Highlighted News of the Day:
Pepe (PEPE) Whale Causes Waves as the Memecoin Shows Bullish Signs
