A surge in crypto whales interest in an asset is considered a bullish sign, often indicating a potential price rally. When retail holders see large investors increasing their trading activity, their confidence in the asset grows. This increased confidence typically leads to more buying activity and sustained price rallies.
As the market enters a new trading month, leading altcoin Ethereum (ETH), frog-themed meme coin Pepe (PEPE), and ONDO, the governance token of Ondo Finance, are among the assets attracting interest from whales.
Ethereum (ETH) Sees Spike in Large Holder Netflow
As the market anticipates a further uptick in Ethereum’s (ETH) price as its spot exchange-traded funds (ETFs) see more inflows, ETH whales have increased their accumulation.
On-chain data from IntoTheBlock has revealed a 167% increase in the coin’s large holders’ netflow in the past seven days.
Large holders are addresses that possess more than 0.1% of an asset’s circulating supply. The large holder netflow of an asset measures the difference between the coins these investors buy and sell over a specific period. When this metric rises, it indicates that whale addresses are purchasing more coins. This is considered a bullish signal, suggesting a potential price rally.
At press time, ETH trades at $3,311. It is poised to cross above its 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days.
This crossover typically indicates an increase in buying pressure. If it occurs, ETH’s price could rally to $3,448.
Pepe’s (PEPE) Whale Count Climbs to All-Time High
The frog-themed meme coin Pepe (PEPE) has seen a surge in whale addresses. According to Santiment, 85,400 addresses now hold between 10,000 and 10,000,000 PEPE tokens, marking the highest count since its launch in April 2023.
In the last month alone, the count of this cohort of PEPE holders has increased by 12%. This has occurred despite the token’s consolidation within a price range during that period.
PEPE whales have recently increased their holdings because of how profitable holding the token has been. Readings from its Market Value to Realised Value (MVRV) ratio show that the meme coin is currently overvalued, and investors can sell for gains.
At press time, PEPE’s MVRV ratio is positive when assessed over various moving averages. Specifically, its MVRV ratios for the 30-day and 365-day moving averages are 8% and 97.58%, respectively.
This metric measures the ratio between an asset’s current price and the average price at which all its coins or tokens were acquired. When it is above zero, the asset’s current market value is higher than the price at which most investors acquire their holdings. It is deemed overvalued, putting many of its holders in profit.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
However, it is key to note that steady sell-offs may put downward pressure on PEPE’s price. If selling pressure begins to outweigh supply, the meme coin’s value may drop to $0.0000099.
Ondo (ONDO) Witnesses Spike in Large Holders Inflow
According to IntoTheBlock’s data, ONDO, the governance token of Ondo Finance, has seen an uptick in its large holders inflow over the past 30 days. During that period, this has increased by 19%.
This metric tracks the amount of cryptocurrency flowing into wallets belonging to large holders. When it spikes, it suggests increased buying pressure from significant investors.
If ONDO whales continue to accumulate the altcoin in August, its price may rally to $0.99.
Read more: How To Invest in Real-World Crypto Assets (RWA)
However, if profit-taking activity ensues, it will put downward pressure on the token’s price, which may cause it to fall to $0.84.
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
