Meme coins are at the center of the agenda again in the cryptocurrency market. On-chain data over the last 24 hours reveals very different investor behavior on the part of Shiba Inu (SHIB) and Pepe (PEPE). While SHIB investors tend to take a longer-term position by withdrawing tokens from the exchanges, the selling pressure of whales on the PEPE front draws attention. These two developments show that the search for direction in the meme coin market continues.
Big Withdrawal from Stock Markets in Shiba Inu: Is Selling Pressure Reducing?
According to the latest on-chain data, approximately 101 billion SHIB tokens were withdrawn from centralized exchanges in just 24 hours. Such stock market outflows generally indicate that investors are moving away from short-term selling intentions and prefer to keep their assets in private wallets. This move indicates a significant change in investor psychology, especially for SHIB, which has been under regular distribution pressure since the last quarter of 2024.
On the technical side, SHIB price moves in a narrowing triangle formation. While lower highs and slightly rising lows indicate that the selling momentum is weakening, increasing buying reactions are noticeable with each pullback. This indicates that there is strong demand at current levels. However, on longer-term charts, the downward trend is still dominant. Especially falling moving averages create strong resistance areas in possible upward attempts.
The gradual decrease in total SHIB reserves on exchanges indicates that liquidity in circulation is tightening. Although this situation does not guarantee a sudden price increase in the short term, it prepares the ground for the supply-demand balance to change in favor of the bulls over time.
Whale Sales in PEPE Sound Alarm: Can the Decline Continue?
On the PEPE side, the picture is quite different. Meme coin has been trading within a falling channel for nearly two weeks. With the recent market correction, the price fell to $ 0.0000044, while the weekly downtrend deepened. The most striking development was that a whale who had been holding PEPE for a long time sold 858 billion tokens, worth approximately 3.88 million dollars.
This sale was not limited to a singular event. According to Nansen data, major investors disposed of a total of 4.25 trillion PEPE tokens. Such whale breakouts that occur during a downtrend reflect a lack of confidence in the market and fear of further losses. Trading data also supports this picture; In recent days, sales volume has remained above purchase volume, creating a negative balance.
Technical indicators indicate that pressure may continue for PEPE. The price is trending below the short- and long-term exponential moving averages as the Stochastic RSI moves deep into oversold territory. If the sales continue, it is possible that the price will retreat towards the $0.0000043 level. For a possible trend reversal, a daily close above $0.0000051 is critical.
This divergence in meme coins also coincides with the uncertainty in the overall crypto market. The volatile course seen in Bitcoin and Ethereum in recent days has led to a reconsideration of short-term positions in risky assets. Especially in meme coins with high volatility, investor behavior can be more extreme.
