The relentless crypto market sell-off that has been going on for the past eight days seems to have reached an end today. At the moment, when the amount of negative news reached the maximum, and the mood of market participants would not be enough to call fear, the sales stopped for a while, and the long-awaited rebound followed.
Against this backdrop, interesting on-chain details surfaced, including some of the most popular coins, such as Shiba Inu (SHIB) and Pepe Coin (PEPE).
Denys SerhiichukThus, two major crypto whales made headlines by depositing a combined $25.95 million worth of these tokens onto Binance within the past 14 hours, reports Spot On Chain.
Whale "0x42a" made a stunning move by transferring 1.088 trillion SHIB, valued at $18.12 million.
Analyzing the whale's activity reveals an accumulation period during November and December 2023, coinciding with the market bottom. The whale is estimated to have profited by $8 million, marking a substantial gain of 79%.
PEPE in the mix too
In another eye-catching transaction, whale "0x837" deposited 700 billion PEPE to Binance, equivalent to $7.83 million, around three hours ago. Currently, this whale holds another 800 billion PEPE, valued at $9.22 million.
However, this entity faces an estimated total loss of $3.47 million, representing a 15% decline.
Yuri MolchanNeedless to say, such deposits to the world's largest crypto exchange can hardly be considered a bullish signal, but rather, quite the opposite. Be that as it may, the next few days will be critical in determining the direction of the crypto market and whether the worst of the sell-off is indeed over.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov