SHIB Whale Activity Surges Amid Highly Volatile Crypto Market
Release: 2024/06/25 23:29 Reading: 215
Shiba Inu (SHIB) Whales Surge Amidst Bearish Market
Whale Activity Drives Meme Coin Fluctuations
The cryptocurrency market continues to experience volatility, with Bitcoin (BTC) witnessing a significant decline of $59k and a 3% drop over the past 24 hours. However, certain altcoins and meme coins are defying the trend and displaying strength.
Over the past day, the global crypto market has experienced a 1.10% decrease, falling to $2.26 trillion. In contrast, meme coin whales are accumulating, triggering substantial token movements that suggest potential volatility and opportunities for gains or losses.
Meme coins such as PEPE, FLOKI, WIF, SHIB, and BONK have performed exceptionally well over the last 24 hours. PEPE surged by 11.43% to $0.00001166, FLOKI advanced by 12.53% to $0.0001722, and SHIB gained 2% to $0.0000172. WIF and BONK have also experienced significant growth, with respective increases of 22.38% and 17.45%, according to CMC.
Whale activities have recently focused on SHIB, PEPE, and WIF, underscoring the growing interest in meme coins.
A notable example is a PEPE whale who deposited 700 billion PEPE tokens worth $7.8 million into Binance, bringing their total holdings to 800 billion PEPE valued at $9.23 million, despite incurring a total loss of $3.5 million.
Another whale bought an additional 938,000 WIF worth $1.6 million, resulting in a total of 3.97 million coins valued at approximately $7.3 million. This acquisition came shortly after a previous purchase of 3.58 million WIF in December 2023.
SHIB Whale Profits
On-chain data indicates a significant transaction involving SHIB, with a whale depositing 1.08 trillion SHIB tokens (approximately $18.12 million) into Binance over the past 14 hours. This accumulation occurred between November and December 2023, resulting in an estimated profit of $8 million and demonstrating substantial profit-taking and increased market volatility.
In the past week, 2.20 trillion SHIB (worth $39 million) were transferred from Robinhood to an unknown wallet, while nine wallets spent $35.2 million acquiring 1.356 trillion SHIB at $0.00002596 in June.
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