Key Insights
- ETH 167% increase in large holder netflow; price poised to cross 20-day EMA, potentially rallying to $3,448.
- Pepe Whale addresses reach an all-time high; positive MVRV ratios indicate
- Ondo 19% increase in large holders’ inflow; potential price rally to $0.99
Crypto whales’ surge of interest is usually an optimistic sign that can cause potential price rallies. As retail holders see big investors increase their trading activity, they become more confident in the asset leading to more buying and continuous upward trends in prices. There has been a rising attraction by whales on Ethereum (ETH), Pepe, and ONDO the governance token of Ondo Finance as the market enters into a new ETH trading month.
Ethereum (ETH) Sees Spike in Large Holder Netflow
The Ethereum network has seen some increased accumulation by whales which may be a precursor for higher prices. On-chain data from IntoTheBlock shows a rise of 167% in large holders’ netflow for over the past seven days. Large holders are addresses that possess more than 0.1% of an asset’s circulating supply. When the large holder netflow rises, it indicates that whale addresses are purchasing more coins, suggesting a potential price rally.
At press time, ETH trades at $3,311 and is poised to cross above its 20-day exponential moving average (EMA), a key indicator tracking its average price over the past 20 trading days. This crossover typically indicates increased buying pressure. If it occurs, ETH’s price could rally to $3,448.
Pepe’s (PEPE) Whale Count Climbs to All-Time High
Pepe (PEPE), a meme coin that is themed on frogs, has witnessed an increase in whale addresses. Latest reports from Santiment indicate that the number of Pepe tokens held at between 10,000 and 10,000,000 by 85,400 addresses now stands at its highest since the start of 2023. At least, this fraction of holders grew by 12% for only one month despite consolidation in the price of the token within this period.
PEPE whales have recently increased their holdings due to the token’s profitability. The Market Value to Realised Value (MVRV) ratio for PEPE shows that the meme coin is currently overvalued, indicating that investors can sell for gains. At press time, PEPE’s MVRV ratio is positive, with 30-day and 365-day moving averages at 8% and 97.58%, respectively. This suggests that many holders are in profit, although steady sell-offs could put downward pressure on PEPE’s price, potentially dropping it to $0.0000099.
Ondo (ONDO) Witnesses Spike in Large Holders Inflow
Ondo Finance’s governance token, ONDO, witnessed a growth in the number of its large holders over the last 30 days according to IntoTheBlock. In this period, inflow rose by 19% thus pointing to increased buying power among major investors. This parameter shows how much cryptocurrency has been deposited into wallets under the control of large holders. A surge in such an indicator indicates a possible price rally.
Assuming that ONDO whales continue to stock up on the altcoin during August, it might reach $0.99. However, if there is a subsequent profit-taking activity it may add further downside pressure on the token’s pricing leading possibly to $0.84.
Increased whale activity in Ethereum (ETH), Pepe (PEPE), and ONDO shows indications of price rallies for these assets as well. Market participants should closely watch out for these developments because they can significantly impact investor confidence and purchasing momentum.
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