As per a report, traders and analysts are increasingly doubtful about replicating past successes with DeFi tokens from the 2021 bull market.

The research highlights an interesting event on April 30 when a crypto whale sold off their Uniswap (UNI) tokens. The whale then bought and withdrew 329.3 billion Pepe (PEPE) tokens from Binance, leading to questions about confidence in altcoins.

While holding UNI, the whale made a $7 million profit but shifting to PEPE suggests wavering faith in altcoins amid the absence of the anticipated altcoin bull run.

Comparing PEPE and UNI, this move towards PEPE indicates a bullish long-term view on meme coins, supporting bullish expectations. The price performance of PEPE shows a year-to-date increase of 420%, whereas UNI has been trading nearly flat since the start of the year. Despite this data, the DeFi token market value stood at $104.48 billion with meme coins at $49.50 billion.

The disparity in growth between meme coins and DeFi tokens muddies the picture, although UNI has more investors with a count of 381,000 compared to PEPE’s 211,000 investors, indicating a mixed scenario when considering numerical analyses.

In the price analysis, PEPE displayed a 6.57% decrease, trading at $0.000006647 with a market cap drop to $2.8 billion. In contrast, UNI faced a more significant 7% drop down to $7.11, reducing the market cap to $4.255 billion suggesting possible short selling activities by investors.