The rise in memecoins ends and whales prepare to sell PEPE 🐸, SHIB and DOGE 🐕

Large cryptocurrency investors, known as whales, are moving their memecoins to centralized exchange wallets signaling a possible strong sell-off event. Specifically, three memecoins, Shiba Inu (SHIB) $SHIB |, PEPE $PEPE , and Dogecoin (DOGE) $DOGE |_, saw an increase in transfers to exchanges.

Typically, an increase in the supply of an asset on exchanges, accompanied by a drop in price, is a negative sign for the cryptocurrency. According to data from crypto intelligence trackers, two whales deposited $10.6 million worth of SHIB and PEPE on centralized exchanges such as Gemini, Crypto.com, and OKX.

Almost four years ago, one of them acquired 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 remaining in it. Another whale deposited 500 billion PEPE worth US$4.13 million on the OKX exchange on Tuesday.

This large wallet address acquired PEPE less than two weeks ago. The whale's estimated unrealized gains are $3.36 million, nearly a 31% gain on its initial investment.

Low for memecoins?

Additionally, Robinhood received a transfer of 150 million DOGE tokens, which further fueled speculation of a mass sell-off in the dog-themed memecoin sector.

Justin Sun, founder of TRON, also joined the trend and reportedly transferred 7 billion FLOKI tokens worth $1.92 million to the Poloniex exchange. These movements were accompanied by drops in the value of memecoins, with SHIB, DOGE, PEPE and FLOKI leading the decline.

“This move by whales to transfer their memecoin holdings to centralized exchanges could signal a possible mass selling trend, which could significantly affect the prices of these cryptocurrencies in the coming days. Investors should closely monitor these developments and proceed with caution when trading memecoins in this period of volatility,” highlighted analyst Ekta Mourya.

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