Crypto whales have been offloading MOG, PEPE, and TURBO tokens early in February, aligning with a broader trend of major holders cutting down on meme coin exposure. While MOG has witnessed the most pronounced selling, PEPE and TURBO have also faced a consistent decrease in whale addresses, hinting at a waning confidence among significant investors.
Despite a slight recovery in the number of large holders, the prevailing sentiment remains bearish, with more tokens being distributed than accumulated. If this trend persists, additional selling pressure may impede these coins from regaining strong bullish momentum.
MOG Coin (MOG)
Whales have been steadily shedding their MOG meme coin holdings for several months, with the pace intensifying at the beginning of February. Such divestment from large holders can signal a shift in market sentiment, affecting the coin's price action and liquidity dynamics.
When whales dump substantial amounts of MOG, they flood the market with supply, potentially hindering any sustained uptrend for the coin.
The ongoing decrease in whale addresses implies a dwindling faith among major investors, raising concerns about sustained selling impacts.
Number of Addresses Holding at Least 100,000,000 MOG. Source: Santiment.
Though the count of whales with at least 100,000,000 MOG has slightly rebounded, climbing from 10,089 on February 6 to 10,127, it remains notably lower than the 10,457 recorded on January 30. This signals a significant divestment of MOG by whales in recent weeks, indicating a trend of distribution rather than accumulation.
PEPE
Similarly to MOG, PEPE has been subject to whale sell-offs in early February, albeit with lesser intensity. While the reduction in positions by major holders can indicate weakening confidence, PEPE whales have been less aggressive in offloading their holdings compared to MOG holders.
Nonetheless, whale sell-offs contribute to supply increase, potentially capping price movements upward. The decline in whale addresses suggests that some significant investors have either cashed out profits or reduced their exposure, potentially adding to short-term price volatility.
Number of Addresses Holding at Least 100,000,000 PEPE. Source: Santiment.
On January 30, the count of addresses with at least 100,000,000 PEPE stood at 54,383 before decreasing as February commenced, hitting 53,927 on February 8—hitting its lowest level since March 2024. While there has been a minor uptick to 53,954, the overall trajectory remains downward, indicating substantial PEPE offloading by whales recently.
Though not as aggressive as MOG's selling pressure, this signals caution among significant investors. Continued whale selling might escalate pressure on PEPE prices, hindering sustained bullish trends.
TURBO
Similarly, crypto whales have been shedding TURBO tokens in early February, mirroring the patterns observed in other meme coins like MOG and PEPE. On January 30, the number of addresses with holdings ranging between 100,000 and 10,000,000 TURBO was 13,706, but this figure dwindled to 13,404 as February commenced.
Number of Addresses Holding Between 100,000 and 10,000,000 TURBO. Source: Santiment.
This metric has further decreased to 13,370, indicating a continued divestment by major holders.
The ongoing decline in whale addresses hints at more distribution rather than accumulation, potentially leading to heightened volatility for TURBO. While the decrease has been gradual rather than abrupt, the recent whale sell-offs suggest a cautious market sentiment.