- Two whale wallets deposited $25.95 million worth of Shiba Inu and Pepe to Binance, Spotonchain data shows.
- The whale wallets that made the deposit to the centralized exchange were likely derisking the Ethereum-based meme coins following the recent price correction.
- SHIB holders have consistently realized losses since June 17, per Santiment data.
- SHIB and PEPE prices increased 1.5% and 3% on Tuesday respectively.
Two whale wallets deposited on Tuesday more than $25 million worth of Pepe (PEPE) and Shiba Inu (SHIB) to Binance, on-chain trackers data show, suggesting that large-wallet investors are derisking and even selling at losses amid the continued price correction of some of the Ethereum-based meme coins in June.
Shiba Inu and PEPE gained 1.5% and 3% on the day, respectively, but they have faced double-digit losses since the beginning of June.
Large volume SHIB and PEPE deposits to exchanges
Whale deposits to centralized exchanges pique the interest of traders as these moves may signal potential profit taking or derisking by large wallet investors. Two whale wallets tracked by Spotonchain were sitting on an unrealized profit of $8 million on SHIB and an estimated loss of $3.47 million on PEPE.
The whale wallet 0x42a deposited 1.088 trillion SHIB worth $18.12 million, accumulated between November and December 2023, at an estimated profit of $8 million.
Shiba Inu deposit by whale wallet
Meanwhile, the wallet 0x837 deposited 700 billion PEPE worth $7.83 million, and has a current holding of 800 billion PEPE. The estimated loss is $3.47 million, a negative 15% return.
PEPE deposit by whale wallet
Lookonchain identified a whale wallet that offloaded its PEPE token holdings. The address deposited 700 billion PEPE worth $7.8 million into Binance and has an additional 800 billion PEPE worth $9.23 million, with an estimated loss of $3.5 million.
PEPE whale wallet moves
As large wallet investors shed their Ethereum-based meme coin holdings, it is likely that whales expect prices to dip in the future. Santiment data shows that SHIB holders have consistently realized losses in the meme coin, a sign of capitulation. Typically, one would expect a recovery in SHIB price in the coming weeks, supply distribution by whales is considered bearish for assets.
SHIB and PEPE have added 1.5% and 3% to their value on Tuesday.
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