Celebrity DJ and former NFT influencer Steve Aoki has executed a near-complete exit from his meme coin and cryptocurrency holdings, selling substantial positions in Shiba Inu (SHIB), Ethereum (ETH), and Pepe (PEPE) at significant losses. This move, tracked via on-chain data from Arkham Intelligence, is being interpreted by some analysts as a potential capitulation signal within the speculative crypto asset sector.
According to wallet data, Aoki recently sold 1.785 billion SHIB for approximately $10,300 and swapped 7.25 ETH for roughly $15,900. The combined proceeds of $29,650 were converted into USDT and transferred to the Gemini exchange. This follows an earlier transaction two weeks prior, where the same wallet exited a position of 4.155 billion PEPE for $14,700 via the 1inch decentralized exchange.
The sales represent a dramatic reversal from Aoki's accumulation phase. In January 2024, he swapped 2.2 ETH (then valued at nearly $5,000) for 507.66 million SHIB. The severe price erosion since then is stark: at SHIB's current price of around $0.000005872, that same $5,000 would now purchase roughly 851 million SHIB, highlighting the heavy depreciation across meme tokens.
Technical analysis points to continued weakness for SHIB, which recently broke below an ascending support line. Analysts now anticipate a potential move toward $0.0000052, with momentum remaining soft and limited signs of sustained demand returning.
Aoki's NFT portfolio has fared no better. He spent over $800,000 on seven Bored Ape Yacht Club (BAYC) NFTs during the 2021 market peak. With the current floor price around $13,800 per NFT, the total value of his collection is approximately $97,000, marking an 88% drawdown. These assets remain unsold, though recovery potential appears limited under current market conditions.
This activity coincides with the struggles of Aoki's NFT-backed project, "Dominion X," created in partnership with Seth Green's studio. While the project sold 500 NFTs on Nifty Gateway within seconds, the revenue barely covered production costs, and the show never reached broadcast. The broader market structure has shifted since the last cycle; despite Bitcoin reaching new highs above $126,000, NFT valuations have failed to follow suit as capital has rotated toward assets with clearer utility and liquidity profiles.
Aoki's exit offers a snapshot of how high-profile participants are adjusting after the excesses of the previous market cycle, converting most crypto exposure to stablecoins and moving funds off-wallet, marking a near-complete unwind of prior speculative positions.
