An anonymous whale withdraws a hefty amount of Shiba Inu (SHIB) and Pepe (PEPE) tokens from Binance to a newly created wallet.
Popular crypto tracking platform Lookonchain called the public’s attention to the transactions today.
A newly created wallet withdrew 60B $SHIB($1.52M) and 150B $PEPE($2.94M) from #Binance 1 hour ago.https://t.co/bsWy1WtPUh pic.twitter.com/nzm6WARUNk
— Lookonchain (@lookonchain) November 28, 2024
Transaction Details
Data from Etherscan show that the first transfer occurred today around 07:58 a.m. (UTC). At the time, the whale withdrew a total of 149,999,653,570 (approximately 150 billion) PEPE, worth $2.94 million, from Binance in a single transaction.
Binance deposited the funds in the whale’s newly created wallet through one of its wallets labeled ‘Binance 15.’ This withdrawal marks the wallet’s first transaction since its creation.
A few minutes later, the whale made another hefty withdrawal from Binance. This time, the user withdrew approximately 60 billion Shiba Inu tokens, valued at $1.52 million, according to Lookonchain.
The 60 billion SHIBs were deposited in three separate transactions, each containing approximately 20 billion tokens. Notably, the withdrawals emanated from Binance Wallets, such as Binance 14 and Binance 16.
PEPE and SHIB Surge Amid Whale Accumulation
The recent withdrawals from Binance suggest that the whale might be planning to hold the tokens for the long term. Currently, the tokens are still held in the wallet. While PEPE accounts for 65.92% of the portfolio, Shiba Inu represents 34%, with Ethereum (ETH) constituting 0.08%.
Notably, such withdrawals could reduce the number of SHIB and PEPE on the world’s largest exchanges, potentially contributing positively to price action. The move coincides with a slight surge in the prices of both assets.
While SHIB has surged 2.03% in 24 hours to $0.00002517, PEPE has soared 7.03% in the same timeframe to $0.00001944.
Massive Whale Accumulation of SHIB and PEPE
Meanwhile, crypto experts are betting on Shiba Inu and PEPE in the ongoing bull run, prompting whales to accumulate huge amounts of both tokens from exchanges.
For instance, an unidentified whale took advantage of the mid-November dip to amass a whopping 4 trillion Shiba Inu tokens worth $99 million at the time.
A few days later, crypto whales withdrew 1.67 trillion SHIB from exchanges, representing 0.28% of the total supply.
Similarly, large investors also found PEPE enticing this month as they embarked on accumulation sprees for the token.
On November 20, a big investor splashed $2 million worth of USDC to acquire PEPE in one transaction. This purchase follows other large transactions reported this month featuring the frog-themed token.
Earlier this month, three whales acquired $7.94 million worth of PEPE, totaling 535.81 billion PEPE, from two prominent exchanges, Binance and Gate.io.
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