According to a tweet from the @spotonchain analytics tool, unidentified whales transferred almost $10 million in Shiba Inu and $4.3 million in PEPE to three big centralised exchanges after the values of both meme cryptocurrencies rebounded today. According to the tweet, if these whales sell their meme coins, they will make a large profit.
The aforementioned insider speculates that the meme coin season may be coming to an end now, as both Shiba inu and PEPE have seen significant recovery.
Two large whales deposited $10.6 million worth of $Shiba and $PEPE to CEX in the last two hours as prices fell today. Is the #memecoins season drawing to a close?
Whales transport billions of Shiba inu and PEPE to top CEXes
On-chain data platform @spotonchain revealed that one of these whales was an early Shiba holder. He purchased an astonishing 15.2 trillion Shiba inu four years ago, spending 10 ETH for that meme currency bulk (ETH increased from $262 at the start to $590 at the end of 2020).
Not long ago, this investor transferred 200 billion Shiba Inu (worth $6.49 million) to the Gemini and Crypto.com markets. He still possesses 2.6 trillion Shiba unu (equivalent to $85.15 million in currency) and an expected profit of $129 million from meme crypto.
The second whale moved a whopping 500 billion PEPE (worth $4.13 million) to the OKX market. According to the tweet, if he sells this chunk, the whale will make $3.36 million (with a 30.9% increase). Surprisingly, the publication emphasises that the whale began his PEPE trade only 10 days ago.
Popular blockchain sleuth Whale Alert also saw a significant movement of SHIB meme coins on March 11. A massive sum of Shiba Inu was transferred from a wallet belonging to crypto trading firm Cumberland to an anonymous wallet – 332,427,690,902 SHIB.
SHIB and PEPE recovered from recent highs
Over the previous week, both Shiba unu and PEPE meme coins have experienced significant rebounds. Shiba Inu has lost 28.43% of its value since March 5, when it peaked at $0.00004564. As of this writing, the second largest meme coin is trading at $0.00003266.
PEPE has rebounded 16.80% to $0.00000825 after reaching a high of $0.00000991 on March 9 following a 48.16% price increase.
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