According to the Nernst equation, for the electrode reaction M$^{n+}$(aq) + ne$^{-}$ $\to$ M(s), if the concentration of M$^{n+}$ ions is decreased, the electrode potential (E) will:
The Nernst equation for the given reaction is: E = E$^{\text{o}}$ - RT/nF ln(1/[M$^{n+}$]). If the concentration [M$^{n+}$] decreases, then 1/[M$^{n+}$] increases. Since the term -RT/nF ln(1/[M$^{n+}$]) is subtracted from E$^{\text{o}}$, an increase in ln(1/[M$^{n+}$]) will lead to a more negative value being subtracted, thus resulting in a decrease in the electrode potential (E). It will become more negative or less positive.