Shiba Inu (SHIB) and PEPE Whales Take Profits but Meme Coin Market Remains Resilient

The meme coin market didn’t have an abrupt start to the week like Bitcoin and Ethereum, which exploded on Wednesday.

Shiba Inu and PEPE took a dive on Tuesday, down 5% and 8.5% on the daily scale. The decrease in price action can be attributed to large holders taking profits, as reported by the on-chain analytics platform Spot On Chain.Anonymous whales have transacted large amounts of Shiba Inu and PEPE to three major centralized exchanges.

Per a post on X by Spot On Chain, a whale made an estimated profit of $129 million after selling 200 billion SHIB . The whale was an early SHIB holder who bought a 15.2 trillion SHIB in 2020. They still have 2.6T SHIB left.Another whale address, starting with 0xe60, transferred 500 billion PEPE, worth $4.13 million, to the crypto exchange OKX. If the whale were to sell, it could net a potential profit of $3.36 million. Notably, this whale started trading PEPE just ten days ago.

While most meme coins have seen little movement this week, several tokens in the top ten list by market cap have thrown double-digit gains, with FLOKI surging 132% on the weekly scale. Moreover, while SHIB and Dogecoin lag behind their competitors, they still The past 24 hours saw PEPE increase by some 10%, resurging from the slump that it had encountered during the previous few days. The market is turning green on Wednesday, with Bitcoin charting a new all-time high, and it’s interesting to see if DOGE and SHIB will follow through.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.

Source: News Formal (newsformal.com)

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