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.
150,000,000 #DOGE (26,444,716 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/X0aMNJ5A2Z
— Whale Alert (@whale_alert) March 12, 2024
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.
Stop asking about the utility of meme coins
— Crypto Bitlord (@crypto_bitlord7) March 13, 2024
Their utility is to pump and that’s it
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
