Cryptocurrency market discussions frequently revolve around the rise of meme coins. However, these rapid ascents have now given way to downward price movements, with particular emphasis on the actions of whales. Let’s delve into the details.
Has Meme Coin Season Ended?
Meme coin season has come to an abrupt end. Accordingly, whales are withdrawing from assets such as Shiba Inu, Dogecoin, and PEPE. Today, a decline was observed in meme coins, with prices of Shiba Inu, PEPE, and Dogecoin falling.
Two major whales invested a total of $10.16 million in Shiba Inu and PEPE on central exchanges, resulting in approximately $135 million in unrealized gains. The transfer of 150 million Dogecoin to Robinhood by an unidentified wallet has caused concerns of potential sales among its holders.
Whales, known as large wallet owners, are withdrawing meme coin assets from central exchanges. Particularly, three meme coins, Shiba Inu (SHIB), PEPE, and Dogecoin (DOGE), have seen an increase in exchange transfers. An increase in a coin’s exchange supply is often considered a sign of a price drop for the cryptocurrency.
Two Whales Make Million-Dollar Transfers
According to crypto intelligence trackers, two whales deposited $10.6 million worth of SHIB and PEPE into central exchanges such as Gemini, Crypto.com, and OKX. One of the whales collected 15.2 trillion SHIB four years ago and transferred 200 billion of it to Gemini and Crypto.com. It was reported that another whale deposited 500 billion PEPE, valued at $4.13 million, into the cryptocurrency exchange OKX.
On the other hand, it was reported that Robinhood received 150 million DOGE tokens, leading to major sell-off speculation in the dog-themed meme coin. According to one claim, Justin Sun, the founder of TRON, transferred 7 billion FLOKI tokens valued at $1.92 million to the Poloniex exchange.
As a result of these movements, cryptocurrencies such as SHIB, DOGE, PEPE, and FLOKI have experienced price declines in recent days. However, it is difficult to say whether this downturn is permanent. Therefore, we cannot declare the end of the meme coin season. On the other hand, it is natural to expect some price retracement when meme coins experience rapid increases.
