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Sujit Kumar
Mar 12, 2024
by Sujit Kumar

Whales Move Millions: Are Meme Coin Seasons Waning?

shiba inu whales

Table of contents

  1. Meme Coins See Major Whale Activity
  2. Early SHIB Holder Makes Substantial Moves
  3. PEPE Whale Emerges Amidst Recent Surge
  4. Market Rebounds and Speculation

Meme Coins See Major Whale Activity

According to insights from the @spotonchain analytics platform, anonymous whales have initiated significant transactions, transferring over $10 million worth of Shiba Inu (SHIB) and $4.3 million worth of PEPE to prominent centralized exchanges. As prices of these meme cryptocurrencies experienced fluctuations, these whales' actions have drawn attention to potential shifts in market sentiment.

Early SHIB Holder Makes Substantial Moves

One of the whales involved, an early investor in SHIB, initially acquired a staggering 15.2 trillion SHIB four years ago, exchanging just 10 ETH for this substantial sum. Recently, this investor moved 200 billion SHIB (equivalent to $6.49 million) to Gemini and Crypto.com exchanges. With an estimated profit of approximately $129 million on the remaining 2.6 trillion SHIB, this whale's actions underscore the profitability potential within the meme coin space.

PEPE Whale Emerges Amidst Recent Surge

In a separate development, another whale initiated a sizable transfer of 500 billion PEPE (worth $4.13 million) to the OKX exchange. Notably, this investor's involvement in PEPE trading commenced just ten days prior to this significant transaction, highlighting rapid engagement and potential profit opportunities in meme coin markets.

Market Rebounds and Speculation

While SHIB and PEPE experienced recent highs followed by notable declines, both meme cryptocurrencies have demonstrated substantial rebounds in the past week. Despite fluctuations, SHIB and PEPE continue to command attention within the crypto community, prompting speculation about the enduring significance of meme coin seasons amidst evolving market dynamics.

Disclaimer:The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 
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Whales Move Millions: Are Meme Coin Seasons Waning?
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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