SHIB Whales Make $8 Million Amid Bearish Market Momentum
In the current market situation, the movements of meme coin whales have the potential to cause fluctuations. The crypto market is showing mixed signals, with significant movements in Bitcoin, the largest cryptocurrency by market cap. In the past 24 hours, BTC has dropped to $59k, experiencing a 3% decline. Traditionally, declines in Bitcoin tend to impact altcoins and meme coins, but some are defying the trend and experiencing surges.
In the last day, the global crypto market has seen a 1.10% decrease, falling to $2.26 trillion. Despite this decline, meme coin whale accumulation stands out. The ongoing activities of these whales have led to significant token movements, indicating potential volatility with opportunities for gains or losses.
Notably, meme coins such as PEPE, FLOKI, WIF, SHIB, and BONK have shown impressive performance in the past 24 hours. PEPE has surged by 11.43% to $0.00001166, FLOKI is trading at $0.0001722, marking a 12.53% increase, and SHIB has increased by 2% to $0.0000172. Additionally, WIF and BONK have surged by 22.38% and 17.45% respectively, according to CoinMarketCap.
SHIB, PEPE, and WIF have attracted attention due to recent large-scale transactions in whale activities, indicating a growing interest in meme coins. For example, a PEPE whale recently deposited 700 billion PEPE tokens worth $7.8 million into Binance. Despite incurring a total loss of $3.5 million, this whale now holds a total of 800 billion PEPE valued at $9.23 million.
In another case, an early buyer of WIF purchased 3.58 million coins at $21,000 in December 2023. Just four hours ago, this buyer acquired an additional 938,000 WIF worth $1.6 million, now holding 3.97 million coins valued at around $7.3 million.
SHIB Whale’s $8 Million Profit
A recent significant transaction involving a SHIB whale saw the deposit of 1.08 trillion SHIB tokens valued at approximately $18.12 million into Binance over the past 14 hours. With an accumulation period from November to December 2023, this whale has made an estimated profit of around $8 million, highlighting substantial profit-taking and increased market volatility.
Last week, 2.20 trillion SHIB worth $39 million were transferred from Robinhood to an unknown wallet, while nine wallets spent $35.2 million purchasing 1.356 trillion SHIB at $0.00002596 in the first week of June.
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