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Leading meme tokens have shown a downward trend over the past few days, triggering concerns and speculations about the possible end of the bull market in meme tokens. The second-largest meme token, Shiba Inu (SHIB), has retracted by 12% since March 9, while Pepe (PEPE) has seen a decline of about 5% in the same period.
Whale Transactions Stir Meme Token Communities
A situation that has increased anxiety among the meme token community is the recent transfer of large holdings from whales to exchanges. According to the on-chain data tracker Spot On Chain, a major whale transferred approximately 200 billion SHIB tokens, worth about 6.5 million dollars, to Gemini and Crypto.com on March 12. It is noteworthy that the whale was one of the initial buyers and had accumulated 15.2 trillion SHIB in August 2020.
The investor was still holding 2.6 trillion SHIB and had an estimated profit of 129 million dollars. In another transaction, a different whale transferred 500 billion Pepe tokens, valued at over 4 million dollars, to the OKX exchange. Overall, large movements of cryptocurrencies from whale wallets to exchanges indicate an impending sell-off wave and, consequently, a significant price correction. According to data from the cryptocurrency analytics firm Santiment, the supply of Pepe’s leading wallets has decreased since the beginning of the week.
SHIB Analytical Reports
In contrast, the supply of SHIB held by whales has also increased. The exchange reserves of both meme tokens have decreased in the last few days. This situation has invalidated previous concerns related to a broader market whale departure event. Additionally, according to analyses related to data from Hyblock Capital, leading whales have reduced their long-term exposure to SHIB over the past week.
They signaled that they are not very optimistic about SHIB moving towards an upward trend in the short term, which could justify their profit-taking. As a result, leading meme tokens have experienced a decline in recent days, and the transfer of large holdings to exchanges has increased concerns. Tokens like Shiba Inu and Pepe have pulled back. Whale movements and analyses limit short-term optimism, and concerns about the end of the bull market are intensifying.
