The meme coin market is once more at the center of the cryptocurrency scene. Recent 24-hour on-chain data reveals contrasting investor behaviors between Shiba Inu (SHIB) and Pepe (PEPE). While SHIB investors withdraw tokens from exchanges for long-term holdings, significant selling pressure is observed on the PEPE side, particularly from whales. These trends indicate a continued search for direction within the meme coin market.
Shiba Inu’s Large Withdrawals: Is Selling Pressure Easing?
Recent on-chain data shows the withdrawal of approximately 101 billion SHIB tokens from centralized exchanges in just 24 hours. Such activity typically signifies investors moving away from short-term selling intentions, opting instead to store assets in private wallets. For SHIB, which has been under distribution pressure since late 2024, this movement indicates a notable shift in investor sentiment.
Technically, SHIB is navigating within a narrowing triangle formation. Lower peaks and slightly rising troughs suggest weakening selling momentum, with heightened buying activity during pullbacks indicating strong demand at current levels. However, long-term charts still reflect a downward trend, particularly with declining moving averages acting as significant resistance during attempted upward movements.
The gradual reduction in total SHIB reserves on exchanges suggests tightening liquidity in circulation. While this does not guarantee an immediate price surge, it lays the groundwork for a potential shift in the supply-demand balance in favor of the bulls over time.
Whale Sales Sound Alarms for PEPE: Could the Downtrend Continue?
The situation for PEPE paints a different picture. Trading within a descending channel for about two weeks, the meme coin’s price dipped to 0.0000044 dollars amid a recent market correction, deepening the weekly downtrend. A striking development was a whale selling 858 billion PEPE tokens, valued at roughly 3.88 million dollars.
This sale was not an isolated event. Nansen data reveals major investors liquidated a total of 4.25 trillion PEPE tokens. Such whale exits during a downtrend reflect market insecurity and amplify fears of further losses. Trading data corroborates this, with recent selling volumes surpassing buying volumes and creating a negative balance.
Technical indicators suggest pressure on PEPE might persist. The stochastic RSI is deep in the oversold territory, while the price remains below both short and long-term exponential moving averages. Continued selling may push the price toward 0.0000043 dollars. For a potential trend reversal, a daily close above 0.0000051 dollars is crucial.
This divergence in meme coins coincides with general uncertainty in the crypto market. Lately, fluctuations in Bitcoin and Ethereum have prompted the reevaluation of short-term positions in risky assets. Investor behavior in high-volatility meme coins, in particular, can sway to extremes.
