3 Altcoins See Declining Exchange Reserves in the Second Week of August

Altcoin market capitalization (TOTAL3 – excluding BTC and ETH) surpassed $1.1 trillion in the second week of August. It now needs less than a 10% increase to set a new all-time high. In this context, several altcoins have seen a sharp drop in exchange reserves, reflecting accumulation and long-term holding activity.

Most reports and analyses during this period project a positive outlook for the altcoin season. Monitoring exchange reserves is one of the key factors investors use to find opportunities in August.

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1. Pepe (PEPE)

Santiment data shows that PEPE’s exchange reserves hit a one-year low on August 10 at 97 million PEPE. In contrast, this time last year, more than 215 million PEPE were held on exchanges.

Regarding price, PEPE has yet to reclaim the peak levels in late 2024. However, its exchange supply has steadily declined since then. PEPE remains one of the top meme tokens in the market, ranking second only to Dogecoin (DOGE) in daily trading volume.

In addition, the number of PEPE holders has increased 25% since the beginning of the year, rising from 378,000 to 474,000, according to CoinMarketCap data.

These figures suggest that many investors view PEPE as a strong candidate for future gains. This is especially relevant given recent reports showing 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. This surge pushed the total value of meme coin investor Murad’s portfolio to a record high, as SPX makes up most of his holdings.

However, since the start of August, SPX has dropped more than 30% to $1.56. A notable signal is that its exchange reserves have also plunged.

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 appears meme investors are taking inspiration from Murad 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.

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.

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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.

“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.

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.

The post 3 Altcoins See Declining Exchange Reserves in the Second Week of August appeared first on BeInCrypto.

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