Investor Dumps Trillions of Memecoins on Exchanges

Binanace logo and meme coins

In the cryptocurrency market, a clever investor dumped 1.5 trillion Shiba Inu (SHIB) and Floki Inu (FLOKI) tokens onto a cryptocurrency exchange. The investor’s trades, which generated around $70 million in profit, were particularly noteworthy because they came amid a period of significant price decreases for the aforementioned memecoins.

Investor Empties Memecoin Holdings onto Exchanges

According to Spot On Chain, an investor profited $23.5 million by selling 1.24 trillion SHIB on the Binance and GateIO exchanges. In addition, the investor shifted their FLOKI holdings to exchanges, earning a tremendous profit of $44.3 million. These very successful transactions have brought major attention to the world of cryptocurrency, demonstrating memecoin trading’s tremendous earning potential.

Spot On Chain data also shows that other clever investors, like as MakerDAO creator Rune Christen, who took advantage of the memecoin buzz by selling off their SHIB holdings last week, have not remained unconcerned about the situation.

However, due to identified and undetected massive exchange movements, the supply of these cryptocurrencies on exchanges is expanding, adding to the price decrease of SHIB and FLOKI. This has a specific impact on Shiba Inu’s ongoing token-burning program, which aims to reduce circulating supplies. The downward trend impacting key memecoins highlights the quickly changing characteristics of the cryptocurrency market, prompting speculation that the memecoin season may be coming to an end.

Downward Trend in SHIB and FLOKI Prices Continues

During these changes, both SHIB and FLOKI have seen considerable price reductions. SHIB dropped 16.96% in a week, while FLOKI fell 6.61%. Despite large monthly profits of almost 200% for SHIB and 600% for FLOKI, the current decline has affected many investors.

Memecoins like SHIB and FLOKI are highly volatile and speculative, highlighting the inherent hazards of investing in the cryptocurrency industry. As market players attempt to navigate between price swings and emotion, the dramatic price moves around memecoins highlight the significance of exercising prudence when making investment decisions.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.