Meme Coin Prices Take a Hit as Whales Deposit Over $10M in Exchanges

In the volatile crypto world, recent transactions of well-known investors have elicited attention and fanned the debate about the future of meme coins. In the past two hours, two notable whales transferred $10.6 million worth of $SHIB and $PEPE to the centralized exchanges (CEX), which a price drop has followed.

This move suggests a potential shift in strategy for these emblematic digital assets, hinting at a possible conclusion to the meme coin craze that has captivated the crypto community. The first transaction involved an early investor, known by their wallet address 0xd6b, who deposited 200 billion $SHIB, valued at approximately $6.49 million, to Gemini and Crypto.com about an hour ago.

Two big whales deposited $10.6M worth of $SHIB and $PEPE to CEX in the past 2hrs as the prices dropped today. Is the #memecoins season coming to an end?

1. Early buyer 0xd6b deposited 200B $SHIB ($6.49M) to #Gemini and #Cryptocom ~ 1hr ago.

Notably, 4 years ago, the whale… pic.twitter.com/l6M6O4D8Dv
— Spot On Chain (@spotonchain) March 12, 2024

This individual’s history with $SHIB is notable; four years prior, they acquired 15.2 trillion $SHIB with an investment of just 10 $ETH. Today, their remaining holdings amount to 2.6 trillion $SHIB, worth an estimated $85.15 million, marking an impressive profit of around $129 million, a 445% increase from the initial investment.

Another whale, identified as 0xe60, executed the second notable transaction and moved their entire stash of 500 billion $PEPE, amounting to $4.13 million, to OKX roughly two hours ago. Remarkably, this investor embarked on their $PEPE venture merely ten days ago. The sale of these assets is expected to yield a final profit of $3.36 million, representing a 30.9% gain.

In tandem with this development, recent data from CoinMarketCap reveals significant fluctuations in the value of meme coins, specifically $PEPE and $SHIB. Over the last 24 hours, $PEPE experienced a notable decline of 11.77%, bringing its price down to $0.000008165. This downturn is mirrored in the market capitalization of $PEPE, which saw an 11.91% reduction, landing at $3,409,932,869.

Moreover, the trading volume for $PEPE dropped by 31.43%, reaching $1,094,105,100, indicating a heightened level of activity possibly related to the recent whale transactions. Similarly, $SHIB’s market position has faced challenges, with its price dropping by 6.06% over the same period, now standing at $0.00003218. The market cap of $SHIB witnessed a modest decline of 4.32%, amounting to $19,251,497,121, while its trading volume decreased by 29.48% to $1,721,751,531.