Whales Increase Holdings in Ethereum, PEPE, and ONDO

Whales Increase Holdings in Ethereum, PEPE, and ONDO

Whale interest in cryptocurrencies often precedes price rallies. Whales are large investors whose trading activity can influence market movements. Increased whale activity instills confidence in individual investors, leading to buying pressure and price appreciation. Let's analyze three altcoins that have recently attracted whale attention.

Ethereum

Ahead of anticipated inflows from spot exchange-traded funds, Ethereum whales have significantly increased their holdings. Net flow data from IntoTheBlock shows a 167% surge in large holder inflows over the past seven days.

Large holders are those with an asset balance exceeding 0.1% of its circulating supply. Net flow measures the difference between assets bought and sold by large holders within a specific period. When this metric rises, it suggests that whales are accumulating.

Ethereum currently trades at $3,311, approaching its 20-day exponential moving average (EMA). This crossover typically indicates bullish momentum. If successful, Ethereum's price could reach $3,448.

PEPE

The frog-themed memecoin, PEPE, has also witnessed a surge in whale addresses. According to Santiment, 85,400 addresses now hold between 10,000 and 10,000,000 PEPE tokens, the highest number since its launch in April 2023. Over the past month, these holder numbers have increased by 12%, despite the token consolidating within a narrow price range.

PEPE whales have recently upped their stake due to the token's profitability. Market Value to Realized Value (MVRV) readings indicate that PEPE is overvalued, potentially encouraging profit-taking.

However, selling pressure could drag PEPE's price lower to $0.0000099.

ONDO

IntoTheBlock data reveals that Ondo Finance's governance token, ONDO, has experienced a 19% increase in large holder inflows over the past 30 days.

This metric measures the amount of cryptocurrency flowing into large holder wallets. Growing inflows suggest buying pressure from major investors. If ONDO whales continue to accumulate in August, the altcoin's price could reach $0.99.

On the other hand, profit-taking could trigger a price drop to $0.84.