fxs_header_sponsor_anchor

Meme coin season ends abruptly, whales transfer large volumes of Shiba Inu, Dogecoin and PEPE to exchanges

  • Meme coins nosedive on Tuesday. Shiba Inu, PEPE, and Dogecoin see decline in prices. 
  • Two whales deposited $10.16 million worth of Shiba Inu and PEPE to centralized exchanges, sitting on nearly $135 million of unrealized gains.
  • An unidentified wallet deposited 150 million Dogecoin tokens to Robinhood, stirring fear of sell-off among holders. 

Whales are transferring their meme coin holdings to centralized exchange wallets, in large volumes. Specifically, three popular meme coins, Shiba Inu (SHIB), PEPE, and Dogecoin (DOGE), have seen a spike in exchange transfers. 

Typically, an increase in an asset’s supply on exchanges, accompanied by a price decline, is a bearish sign for the cryptocurrency. 

Also read: PEPE price rallies 26% on Monday, likely driven by whale accumulation

Whales transfer large volumes of SHIB, DOGE and PEPE to exchanges 

According to data from crypto intelligence trackers, two whales deposited $10.6 million worth of SHIB and PEPE to centralized exchanges Gemini, Crypto.com and OKX. Nearly four years ago, one of them scooped up 15.2 trillion SHIB tokens, of which they transferred 200 billion to Gemini and Crypto.com. The whale’s SHIB transfer is valued at $6.49 million. 

The whale’s wallet has an estimated unrealized profit of 129 million with 2.6 trillion SHIB left in it. 

Whale wallet Profit and Loss overview for SHIB. Source: Spotonchain 

Another whale deposited 500 billion PEPE worth $4.13 million to OKX exchange on Tuesday. This large wallet address acquired the PEPE less than two weeks ago. The whale’s estimated unrealized gains are $3.36 million, nearly 31% gains on their initial investment. 

Whale wallet Profit and Loss overview for PEPE. Source: Spotonchain 

Additionally, Robinhood received a 150 million DOGE tokens transfer and this fueled speculation of a mass sell-off in the Dog-themed meme coin.

Justin Sun, the founder of TRON, allegedly transferred 7 billion FLOKI tokens worth $1.92 million to Poloniex exchange.

Justin Sun’s FLOKI transfer to Poloniex. Source: PeckShield

SHIB, DOGE, PEPE and FLOKI have observed declines in their prices in the past day. 

Meme coin price declines. Source: CoinGecko 

Crypto influencer behind the X handle @crypto_bitlord7 comments on the utility of meme coins in the crypto ecosystem and stresses that the utility of meme coins is to "pump." This supports the narrative that meme coins witness more "pump and dump" scenarios than most other cryptocurrencies, making it important for traders to track whale activity and predict price rallies or upcoming corrections in assets like SHIB, PEPE and DOGE.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.