Whale Withdraws 8.7% of Memecoin Supply from Major CEX; Price Doubles in 24 Hours

Gate News message, April 14 — A cluster of wallets withdrew tokens representing approximately 8.7% of the total supply of a memecoin from a major CEX yesterday (April 13), according to on-chain data. The assets were valued at roughly $14.9 million at the time of withdrawal.

Within 24 hours, the value of these holdings surged to $27.9 million, nearly doubling. The memecoin's price rallied sharply following the large-scale withdrawal.

A similar pattern occurred approximately one month ago when a whale known as "Garret Bullish" withdrew tokens worth 5.9% of the total supply from the same exchange. Those assets, initially valued at around $4.4 million, have since grown to approximately $19 million, marking a roughly fivefold increase.