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. 

Shiba Inu

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. 

PEPE

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.

FLOKI

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

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

DOGE holders may sell if it rises above key accumulation zone

DOGE holders may sell if it rises above key accumulation zone

DOGE will reclaim a key level if it rises by 5%, and traders will likely sell as they break even. DOGE's social volume has reached its lowest level in the past year. DOGE has underperformed other top meme coins year-to-date.

More Dogecoin News

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase hearing on Thursday addresses the exchange’s demand that Chair Gary Gensler should testify. Coinbase Attorney Kevin Schwartz’s arguments fail to convince Judge Katherine Polk Failla.

More Cryptocurrencies News

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum could rally in Q3 following reduced US inflation and launch of spot ETH ETFs. Ethereum's on-chain activity shows mixed sentiment among investors. Bearish exhaustion candle could signify a downturn for ETH if SEC delays ETH ETF approval.

More Ethereum News

Biden's veto stands, banks unable to  provide custody services for crypto

Biden's veto stands, banks unable to  provide custody services for crypto

US House failed to muster a two-thirds vote to overturn President Biden's veto of Joint Resolution 109. Several Democrats failed to support a repeal of the President's veto despite the increasing role of the crypto industry in the upcoming election.

More Cryptocurrencies News

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. 

Read full analysis

BTC

ETH

XRP