Heightened interest from crypto whales can often be a harbinger of a potential price surge, as it instills confidence among individual investors who then increase their buying activity. This article delves into three altcoins that have garnered significant attention recently.
Why Are Ethereum Whales Accumulating?
Anticipating more inflows from spot exchange-traded funds, Ethereum whales have been escalating their holdings. Onchain data from IntoTheBlock indicates a 167% rise in the net flow of large holders over the past week. Large holders, defined as addresses owning more than 0.1% of an asset’s circulating supply, have been net purchasers, suggesting increased buying activity.
At press time, Ethereum was trading at $3,311, poised to exceed its 20-day exponential moving average (EMA). This potential crossover could indicate heightened buying pressure and propel Ethereum’s price to $3,448.
What Drives PEPE’s Popularity?
The frog-themed memecoin PEPE has witnessed a surge in whale addresses, with Santiment reporting 85,400 addresses holding between 10,000 and 10,000,000 PEPE tokens. This represents the highest number since its launch in April 2023. Over the past month, these PEPE holders have grown by 12%, despite the token consolidating within a price range.
PEPE whales have been increasing their holdings due to the token’s profitability. Market Value to Realized Value (MVRV) ratio shows the memecoin is currently overvalued, suggesting potential profit-taking. PEPE’s MVRV ratios for 30-day and 365-day moving averages stand at 8% and 97.58%, respectively. However, consistent selling could pressure PEPE’s price down to $0.0000099.
What Are the Scenarios for ONDO?
Within the last 30 days, Ondo Finance’s governance token ONDO has seen a 19% increase in large holders’ inflows according to IntoTheBlock. This indicates rising buying pressure from significant investors. Should ONDO whales continue their accumulation, the altcoin’s price could potentially reach $0.99.
Conversely, ongoing profit-taking could exert downward pressure, possibly dropping the token’s price to $0.84.
Concrete Inferences for Investors
Key Insights:
- Ethereum’s potential 20-day EMA crossover could signal a buy opportunity.
- PEPE’s profitability metrics suggest cautious buying due to potential profit-taking.
- ONDO’s increased whale activity could indicate a bullish trend if accumulation continues.
In summary, the heightened activity by crypto whales in Ethereum, PEPE, and ONDO could be indicative of upcoming price movements. Investors should closely monitor these trends and adjust their strategies accordingly, keeping an eye on key technical indicators and whale activity patterns.