Whales Dump Meme Coins: MOG, PEPE, TURBO Face Selling Pressure
1min read Crypto whales have been actively selling meme coins throughout February, with a broader trend of large holders reducing their exposure to these tokens. This trend is particularly evident in MOG, PEPE, and TURBO, where whales have been offloading their holdings at a steady pace.
MOG has seen the most aggressive selling, with whale addresses declining significantly since the start of February. The number of addresses holding at least 100,000,000 MOG has dropped from 10,089 on February 6 to 10,127, still well below the peak of 10,457 recorded on January 30. This indicates that whales have sold a substantial amount of MOG over the past few weeks.
PEPE whales have also been selling, though the selling pressure has been less intense than MOG. The number of addresses holding at least 100,000,000 PEPE has declined from 54,383 on January 30 to 53,927 on February 8, before recovering slightly to 53,954. This downward trend suggests that large investors have been taking profits or reducing their exposure to PEPE.
TURBO whales have been following a similar pattern, with the number of addresses holding between 100,000 and 10,000,000 TURBO declining from 13,706 on January 30 to 13,404 as February began. This steady decline indicates that large holders continue to reduce their positions in TURBO.
As whales sell these meme coins, they increase the supply in the market, potentially making it harder for these tokens to sustain upward momentum. The ongoing decline in whale addresses points to weakening confidence among major investors, raising concerns about continued selling pressure.
If this pattern continues, these tokens could face additional selling pressure, making it harder for them to regain strong bullish momentum. However, it is essential to monitor the market dynamics and conduct thorough research before making any investment decisions.
