Altcoin Shenanigans: Meme Coins Hoarded Like Aunt Agatha’s Marmalade! 🤑

by

By Jove, the altcoin market capitalization (TOTAL3 – excluding the stalwarts BTC and ETH) has soared past the $1.1 trillion mark in the second week of August! It’s now a mere whisker away from setting a new all-time high, requiring less than a 10% uptick. In this rather spiffing context, several altcoins have seen their exchange reserves plummet, a clear sign that chaps are accumulating and holding onto their digital treasures like Bertie Wooster clings to his trusty umbrella. 🌂

Most reports and analyses during this period paint a positively rip-roaring outlook for the altcoin season. Keeping an eye on exchange reserves is one of the key factors investors use to spot opportunities in August, much like Jeeves keeps an eye on my misadventures. 👀

1. Pepe (PEPE)

Santiment data reveals that PEPE’s exchange reserves hit a one-year low on August 10 at 97 million PEPE. Good heavens, this time last year, more than 215 million PEPE were lounging about on exchanges, probably sipping digital martinis. 🍸

As for the price, PEPE has yet to reclaim its peak levels from late 2024. However, its exchange supply has been dwindling steadily, like the contents of my wallet after a night at the Drones Club. PEPE remains one of the top meme tokens in the market, ranking second only to Dogecoin (DOGE) in daily trading volume. 🐸

Moreover, the number of PEPE holders has increased by 25% since the beginning of the year, rising from 378,000 to 474,000, according to CoinMarketCap data. It seems many chaps view PEPE as a strong candidate for future gains, especially given recent reports suggesting that the wave of Ethereum accumulation could benefit Ethereum-based meme tokens. 🚀

2. SPX6900 (SPX)

SPX6900 (SPX) hit an all-time high of $2.28 in late July, pushing the total value of meme coin investor Murad’s portfolio to a record high, as SPX makes up the lion’s share of his holdings. Rather impressive, what? 🦁

However, since the start of August, SPX has tumbled more than 30% to $1.56. A notable signal is that its exchange reserves have also taken a nosedive. Santiment data shows that more than 94 million SPX were on exchanges in July. By August 15, that figure had dropped to 43.7 million – a decline of over 53%. The decline accelerated in the second week of August, falling from 67.5 million to 43.7 million. It’s enough to make one’s head spin like a top hat in a tornado. 🌪️

It appears meme investors are taking a leaf out of Murad’s book and viewing SPX’s August pullback as an opportunity to accumulate. Matt Ballensweig, Head of Trading at BitGo, believes community trust fuels SPX’s price growth. “People often scoff when I say that ‘belief’ is the ultimate value-driver of SPX6900 long-term. But think hard about what other major global-scale communities have been birthed on belief alone,” Ballensweig said. Quite the philosopher, that one. 🧐

3. FLOKI (FLOKI)

Santiment data shows FLOKI’s exchange reserves hit a yearly low in the second week of August at 947 billion FLOKI – down more than 37% from the peak late last year. This decline in exchange supply is particularly notable because FLOKI was listed on the Robinhood app in August. The listing allows the meme token to reach a much broader pool of new investors, like a debutante at a society ball. 💃

“This marks a huge step forward for Floki, unlocking access to 25+ million users on the most influential retail trading platform in the world. Floki has gone from a meme to a movement, and now it’s sitting alongside the most recognizable assets in crypto and finance, easily accessible to the next wave of everyday investors,” FLOKI stated. Rather splendid, if I say so myself. 🎩

The common thread among these three altcoins is that they are all meme coins with good liquidity. This trend suggests a growing accumulation of meme coins as investors believe capital will continue to flow from Bitcoin and Ethereum into mid-cap and low-cap tokens. It’s all rather like watching the great British public queue for tea-orderly, yet full of potential chaos. 🍵

Read More

2025-08-15 23:25