In a noteworthy development in the crypto sector, a whale has recently transferred huge amounts of $SHIB and $PEPE tokens to personal wallet. As per Lookonchain, a popular on-chain analytics platform, the memecoin enthusiast whale has extracted 101.8B $PEPE (accounting for nearly $1.01M) and 83.36B $SHIB (equaling $1.48M) from Binance just in twenty minutes.
A whale withdrew 101.8B $PEPE($1.01M) and 83.36B $SHIB($1.48M) from #Binance in the past 20 minutes.
The whale currently holds 964.17B $PEPE($9.53M) and 456.62B $SHIB($8.07M).https://t.co/OcWKqsL14L pic.twitter.com/xH1PpvaPkr
— Lookonchain (@lookonchain) October 11, 2024
Whale Rapidly Redeems Huge Amounts of $SHIB and $PEPE from Binance
In its exclusive post on X, Lookonchain revealed that these significant amounts of $SHIB and $PEPE tokens have raised speculations. Thus, the crypto community is guessing about the potential next moves of the whale. At present, the whale possesses 964.17B $PEPE coins with a value of almost $9.53M and 456.62B $SHIB coins with a value of up to $8.07M. This makes the whale a notable player in the case of both the above-mentioned tokens.
Whales, the large crypto holders, often contribute to the big moves in the broader market as their transfers are influential. Hence, moves by whales like this one can profoundly affect the industry, likely paving the way for price fluctuations, particularly when it comes to minor market caps such as $PEPE.
The Move Raises Speculations Among the Crypto and Memecoin Community
These big withdrawals push the crypto community to look for the potential intentions of the whale at the back. In line with this, the whale may be focusing on selling the tokens, stake, them, or hold them in some private wallet. The token shift from Binance indicates a likely change in strategy. Subsequently, big sales could lead to a plunge in $SHIB and $PEPE’s prices.
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