The meme coin sector, once noted for its soaring prices, is now experiencing a downturn, attributed in part to significant withdrawals by large-scale investors, commonly known as whales. These cryptocurrencies, including Shiba Inu, Dogecoin, and PEPE, are seeing a notable decrease in value, coinciding with substantial asset movements on various exchanges.
Whales Retreat and Prices Fall
Recent trends show that these digital asset giants are offloading meme coins in large quantities. Shiba Inu, PEPE, and Dogecoin have all experienced a slump in prices following this trend. With the crypto community keeping a close eye on these developments, this pattern suggests a potential shift in the meme coin market.
Two prominent investors are at the center of this activity, with one injecting $10.16 million into Shiba Inu and PEPE and another moving 150 million Dogecoin to the trading platform Robinhood. These transactions have raised concerns about the possibility of large-scale sales, which could influence the market’s stability.
Significant Transfers Spotted on Exchanges
Crypto intelligence sources have uncovered that two whales made substantial deposits to exchanges, including Gemini and OKX. In one case, a massive haul of 15.2 trillion SHIB, accumulated over four years, was partially transferred. In another instance, 500 billion PEPE coins were moved, sparking discussion about the future prices of these assets.
Moreover, the deposit of a large Dogecoin sum to Robinhood and Justin Sun’s alleged transfer of FLOKI tokens has led to speculation of impending sales. While these developments have led to a downtrend in meme coin prices, the longevity of this slump remains uncertain. Experts caution that such volatility is expected after the rapid growth of meme coins.