Meme coin season ends abruptly, whales prepare to dump Shiba Inu, Dogecoin and PEPE

Meme coins nosedive on Tuesday. Shiba Inu, PEPE, and Dogecoin see decline in prices.
Two whales deposited $10.16 million worth of Shiba Inu and PEPE to centralized exchanges, sitting on nearly $135 million of unrealized gains.
An unidentified wallet deposited 150 million Dogecoin tokens to Robinhood, stirring fear of sell-off among holders.

Large wallet investors, known as whales, are transferring their meme coin holdings to centralized exchange wallets. Specifically, three meme coins, Shiba Inu (SHIB), PEPE, and Dogecoin (DOGE), have seen a spike in exchange transfers.

Typically, an increase in an asset’s supply on exchanges, accompanied by a price decline, is a bearish sign for the cryptocurrency.

Also read: PEPE price rallies 26% on Monday, likely driven by whale accumulation

Whales transfer SHIB, DOGE and PEPE in large volumes to exchanges

According to data from crypto intelligence trackers, two whales deposited $10.6 million worth of SHIB and PEPE to centralized exchanges Gemini, Crypto.com and OKX. Nearly four years ago, one of them scooped up 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 left in it.

Whale wallet Profit and Loss overview for SHIB. Source: Spotonchain

Another whale deposited 500 billion PEPE worth $4.13 million to OKX exchange on Tuesday. This large wallet address acquired the PEPE less than two weeks ago. The whale’s estimated unrealized gains are $3.36 million, nearly 31% gains on their initial investment.