Whales Turn Their Noses Up at SYRUP: A Maple Finance Fiasco!

by

In a turn of events that would make even the most seasoned financial pundit raise an eyebrow, Maple Finance has been strutting about with its impressive growth—nearly $1 billion in active loans and a daring expansion into the wilds of Solana. Yet, lo and behold, the platform’s native token, SYRUP, appears to be suffering from a rather unfortunate case of fatigue, much like a butler who’s had one too many gin and tonics at the Drones Club. 🍸

After a staggering 355% rally from its April lows, one might expect SYRUP to be the belle of the ball. Instead, it seems to have stalled, with on-chain data suggesting that user adoption is slowing down faster than a tortoise in a marathon, and the whales—those grandiose investors—are showing less interest than a cat at a dog show. While the protocol’s fundamentals are as solid as Jeeves’ loyalty, technical indicators like a bearish double-top pattern and waning network activity hint that SYRUP’s recent momentum may be on the wane.

As of our last check on this fine Sunday, the price of Maple (SYRUP) was trading at a rather pedestrian $0.40—just a smidgen below this month’s high of $0.4637. One can almost hear the collective sigh of disappointment from the SYRUP enthusiasts.

On-chain data reveals that SYRUP’s network growth has taken a nosedive, plummeting from 1,085 on May 9 to a paltry 37 today. This metric, which tracks the number of new accounts created each day, is about as encouraging as a rainy day picnic. ☔

Further data shows that daily active addresses have dropped from 285 on May 9 to 422. These figures suggest that the SYRUP token is not growing with the same gusto it displayed in May, when it was the talk of the town.

Meanwhile, the whales, those grand financiers of the deep, are also not buying the coin. Addresses holding between 10 million and 100 million SYRUP tokens now possess about 384 million, down from last week’s high of 395 million. It’s as if they’ve suddenly developed a distaste for syrupy delights.

Similarly, those holding between 1 million and 10 million tokens are clutching 228 million tokens, while the big fish with between 100 million and 1 billion tokens have 458 million coins, down from a staggering 803 million in March. One can only imagine the conversations happening in the depths of the crypto ocean.

Maple Finance Approaches $1 Billion in Active Loans

On a brighter note, Maple Finance’s network is growing like a well-watered plant. Active loans have jumped to $998 million, meaning they could hit the illustrious $1 billion mark soon. A remarkable increase, considering these loans were a mere $220 million on January 1. It has also achieved a staggering $2 billion in assets under management—quite the feat! 🎉

$2B AUM.

In just 6 months, Maple’s gone from rebuilding, to resurgence, to the leader in on-chain asset management.

Here’s to the next $2B and beyond. 🥞

— Maple (@maplefinance) June 7, 2025

Maple Finance’s growth may continue to flourish as the network expands in Solana (SOL) by leveraging Chainlink’s oracle. This integration has already started bearing fruit, as the amount of syrupUSDC in circulation on Solana jumped by 35 million within the first 24 hours. Talk about a sweet deal!

SYRUP Price Technical Analysis

The eight-hour chart reveals that the SYRUP token peaked at $0.4595 in May, forming a double-top pattern with a neckline at $0.3184. A double-top, dear reader, is a common bearish reversal pattern—much like a butler who has had enough of serving tea.

Maple Finance’s Relative Strength Index has formed a bearish divergence pattern. As its price rose, this divergence took the form of a downward channel. Therefore, it seems likely that the token will continue to fall as sellers target the neckline at $0.3184, its lowest point on May 31, and 22% below the current level. A rather dismal forecast, wouldn’t you say?

Read More

2025-06-08 17:39