- SHIB and PEPE saw large deposits on the Binance exchange.
- The memecoins have remained in a bear trend.
The analysis of Shiba Inu [SHIB] and Pepe [PEPE] memecoins revealed that significant deposits were taking place on exchanges from certain addresses.
The deposits indicate possible increased selling pressure or preparation for trading. However, despite these large inflows, the overall exchange flow data for these memecoins tells a different story.
Pepe and Shiba Inu whales create enormous deposits
According to data from Spot On Chain, two significant whale transactions involved the deposit of nearly $26 million worth of Shiba Inu and Pepe tokens onto the Binance exchange.
Specifically, the Shiba Inu whale has deposited more than 1 trillion SHIB tokens, worth more than $18 million. This amount represented all the SHIB tokens that this specific address had acquired.
The data further showed that this address acquired the tokens in 2023 and realized a profit of approximately 79% from the sale.
Spot On Chain’s data also shows that another whale deposited 700 billion PEPE tokens, worth over $7.8 million, on the Binance exchange.
Despite this large deposit, the whale retained another 800 billion tokens, valued at over $9 million.
Interestingly, the data indicated that the address suffered approximately a 15% loss on the remaining PEPE tokens.
Contrasting daily Pepe and Shiba Inu flow
The analysis of currency flow data for Shiba Inu on Santiment showed a significant spike in currency inflows on June 24.
The graph showed that the inflow volume reached more than 1.7 trillion SHIB tokens. Conversely, the outflow volume on that day was significantly lower, at around 790 billion tokens.
At the time of writing this, the situation appears to have reversed, with outflows now exceeding inflows. The outflow volume was approximately 842 billion tokens, compared to an inflow of approximately 229 billion tokens.
The analysis of Pepe’s exchange flow dynamics presents an interesting scenario. On June 24, inflows to exchanges significantly exceeded outflows, with more than 1.4 trillion tokens entering exchanges, compared to less than 900 billion leaving.
Source: Santiment
However, the current situation has changed in the same way as SHIB, with outflows now exceeding inflows. The latest data shows that more than 2 trillion tokens have left exchanges, while inflows are almost 923 billion.
Source: Santiment
This shift towards higher outflows suggests that despite the significant tokens being moved into the exchanges by whale addresses, a market dump will still not occur.
The bear trend of SHIB and PEPE continues
Pepe’s analysis on a daily time frame showed promising trends in the recent price movements. At the end of trading on June 24, it was up 3.57% and trading at around $0.0000113.
If we continue this positive momentum, there is another upside of over 3%, reaching a level of around $0.000016 at the time of writing.
Source: TradingView
Despite these gains, the Relative Strength Index (RSI) remained below the neutral line, indicating that the index is still technically in a bearish trend.
The recent analysis of Shiba Inu presents a more challenging market situation compared to the positive trends at Pepe. The chart shows that Shiba Inu closed with a loss of 2.80%, dropping to around $0.0000170.
Since then, the price has seen a slight increase, trading at around $0.0000171.
Source: TradingView
Read Shiba Inu (SHIB) price forecast 2024-25
Moreover, the Relative Strength Index (RSI) for Shiba Inu is below 30, strongly indicating a bearish trend.
An RSI reading below 30 not only indicates that the asset is in a bear trend, but also suggests that it is currently in an oversold state.