On-chain data shows that $merl whales continue to accumulate, withdrawing nearly 100 million tokens from exchanges over the past 6 days (accounting for about 10% of the circulating supply). This is not a one-time sell-off, but a steady accumulation at high levels, indicating a long-term bullish signal.
As the concentration of circulating chips increases, the market's floating supply decreases significantly, providing more stable price support. In simple terms, when new funds or positive news enter, the price has more upward momentum, revealing potential elasticity.
Overall, the behavior of whales combined with the tightening of circulation has created a more solid value support for $merl.
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