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In the cryptocurrency market, a noteworthy event occurred when a savvy investor dumped 1.5 trillion tokens of Shiba Inu (SHIB) and Floki Inu (FLOKI) onto a cryptocurrency exchange. The investor’s transactions, which amounted to approximately $70 million in profit, were particularly striking as they occurred during a period of notable price declines for the mentioned memecoins.
Investor Empties Memecoin Holdings onto Exchanges
Data from the on-chain data provider Spot On Chain shows that an investor made $23.5 million from the sale of 1.24 trillion SHIB on Binance and GateIO exchanges. Additionally, the investor transferred their FLOKI holdings to exchanges, pocketing a massive profit of $44.3 million. These highly profitable transactions have drawn significant attention to the world of cryptocurrency, confirming the high earning potential in memecoin trading.
Spot On Chain’s data also indicates that other savvy investors, including MakerDAO founder Rune Christen, who capitalized on the memecoin hype by selling off their SHIB holdings last week, have not remained indifferent to the process.
On the other hand, due to detected and undetected large exchange transfers, the supply of these altcoins on exchanges is increasing, contributing to the price decline of SHIB and FLOKI. This is particularly impacting Shiba Inu’s ongoing token burning initiative aimed at reducing circulating supply. The downward trend affecting major memecoins points to the rapidly changing dynamics of the cryptocurrency market, leading some to speculate that the memecoin season may potentially be coming to an end.
Downward Trend in SHIB and FLOKI Prices Continues
Amid these developments, both SHIB and FLOKI have experienced significant price drops. SHIB saw a 16.96% decrease over a weekly timeframe, while FLOKI faced a 6.61% decline. Despite significant monthly gains of approximately 200% for SHIB and 600% for FLOKI, the recent downturn has impacted many investors.
The high volatility and speculative nature of memecoins like SHIB and FLOKI highlight the inherent risks associated with trading in the cryptocurrency market. As market participants try to navigate between price fluctuations and sentiment, the sharp price movements surrounding memecoins underscore the importance of caution when making investment decisions.
