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Altcoin market capitalization (TOTAL3 – excluding BTC and ETH) surpassed $1.1 trillion in the second week of August. It now needs less than a 10% increase to set a new all-time high. In this context, several altcoins have seen a sharp drop in exchange reserves, reflecting accumulation and long-term holding activity.
Most reports and analyses during this period project a positive outlook for the altcoin season. Monitoring exchange reserves is one of the key factors investors use to find opportunities in August.
1. Pepe ($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.
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.
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