SHIB and PEPE, leading meme coins in the crypto market, are encountering significant challenges as investor interest appears to be fading. In a recent X post, crypto analyst Crypto Sheriff pointed out that a green day might provide a short-term boost for SHIB. However, the broader outlook remains clouded by diminishing activity from large investors, known as whales.
Since March, SHIB has been stuck in a persistent downtrend, gradually eroding the confidence of its investors. This steady decline has led to a marked shift in market behavior, with many choosing to withdraw their involvement from the asset, resulting in lower trading volumes and reduced market activity.
Santiment, a well-known crypto analytics platform, has observed a significant decrease in investor participation within the SHIB market. The ongoing bearish sentiment has made SHIB less appealing to both new and existing investors, contributing to a decline in overall engagement with the cryptocurrency. This reduced activity is evident in the shrinking transaction volumes and lack of movement in SHIB’s market performance.
PEPE, another meme coin, faces similar market pressures and struggles to retain investor interest. As of press time, PEPE is trading at $0.057917 and expected to break out from a bullish descending wedge pattern, which could have signaled a strong recovery. However, the anticipated breakout now seems increasingly doubtful, as the declining investor enthusiasm weighs heavily on the coin’s potential for significant gains.
Whale Activity Sparks Movement in PEPE and ETH Markets
Santiment revealed that active addresses for PEPE have dropped to their lowest level in six months, indicating a steep decline in investor engagement. This lack of interest is compounded by whales’ reluctance to conduct large transactions, typically those valued at over $100,000, which are crucial for sustaining market momentum.
Renowned analytical platform IntoTheBlock highlights the seriousness of this trend. The platform reports a 60% decline in PEPE’s daily transaction volumes over the past two weeks. The drop, from $83 million to just $33 million, reflects whale activity’s critical role in maintaining the market’s health.
The future of SHIB and PEPE remains uncertain. Their prospects rely heavily on a revival of investor confidence, particularly from large-scale investors. Without renewed interest and activity from these key players, the outlook for these meme coins could remain bleak.
