The top memecoins that garnered significant attention over the past two weeks, namely $PEPE and $SHIB, are facing a downturn as the new trading week unfolds.

Today, $PEPE recorded an 8% loss, while $SHIB saw a 3% decline, adding to its 20% decrease over the past seven days. Reports suggest that whales are capitalizing on these losses by taking profits.

According to Spotonchain, two notable whales took action amidst the declining prices, depositing a combined total of $10.6 million worth of $SHIB and $PEPE to centralized exchanges within the last two hours.

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

More Notable Memecoins Whale Wallets Engages In More Token Movements

One of these whales, identified as early buyer 0xd6b, deposited 200 billion $SHIB tokens, valued at $6.49 million, to Gemini and Cryptocom approximately one hour ago. Remarkably, this whale made an initial investment of just 10 $ETH four years ago, acquiring 15.2 trillion $SHIB tokens.

With an estimated profit of approximately $129 million, representing a staggering 445% increase, the whale still holds 2.6 trillion $SHIB tokens, valued at $85.15 million.

In a similar move, Whale 0xe60 deposited the remaining 500 billion $PEPE tokens, worth $4.13 million, to OKX approximately two hours ago.

Notably, this whale initiated the $PEPE trade just ten days ago. If the whale chooses to sell, they stand to gain an estimated final profit of $3.36 million, marking a substantial 30.9% increase.

As these whales strategically take advantage of market movements, their actions influence the broader trajectory of $PEPE and $SHIB prices. Despite the current decline, investors remain vigilant, closely monitoring whale activity and market dynamics for potential opportunities in the volatile memecoin space.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ March 13, 2024 5:17 am