Thursday, April 18, 2024

Big Money Exits: Whales Dump Shiba Inu, Dogecoin, PEPE on Exchanges.

Whales, or large wallet investors, are moving their meme currency holdings to exchange wallets that are centralised. Exchange transactions have increased for three meme currencies in particular: Dogecoin (DOGE), PEPE, and Shiba Inu (SHIB).

A rise in an asset’s supply on exchanges combined with a drop in price is usually interpreted as negative news for cryptocurrencies.

Whales send vast amounts of SHIB, DOGE, and PEPE to exchange 

Two whales deposited $10.6 million worth of SHIB and PEPE to centralised exchanges Gemini, Crypto.com, and OKX, according to data from crypto intelligence trackers. One of them acquired 15.2 trillion SHIB coins almost four years ago, of which 200 billion were sent to Gemini and Crypto.com. The SHIB transfer for the whale is worth $6.49 million.

With 2.6 trillion SHIB remaining, the whale’s wallet has an estimated unrealized profit of 129 million.

On Tuesday, a second whale made a $4.13 million deposit of 500 billion PEPE into the OKX market. Less than two weeks have passed since this huge wallet address obtained the PEPE. The whale made an initial investment of $3.36 million, which is approximately a 31% return on their unrealized gains.

Furthermore, 150 million DOGE coins were transferred to Robinhood, which stoked rumours of a widespread sell-off in the meme coin with a dog motif.

It is said that TRON founder Justin Sun sent 7 billion FLOKI tokens, valued at $1.92 million, to the Poloniex exchange.

Prices for SHIB, DOGE, PEPE, and FLOKI have decreased during the last day.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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