A number of cryptocurrency “whales” have significantly grown their positions by purchasing a huge number of PEPE, LINK, UNI, MKR, and ENS. This characteristic was quite pronounced in the recent deals of sizable entities in the course of operation at the Binance. Market analysts and participants pay close attention to these moves since they tend to precede major price shifts and may signal the overall market sentiment.

One notable transaction featured an anonymous investor, identified only by the wallet address “0x1A2E”. This investor moved a remarkable 322.48 billion units of PEPE from Binance, amounting to approximately $2.78 million. This action suggests a strong, bullish stance on PEPE, signaling potential future appreciation. The timing and scale of this transaction may hint at insider confidence in the asset’s performance.

What is more, another significant actor, using the pseudonym “aavebank.eth” was also involved. In just six hours, this investor took out large sums of money from Binance. The assets consisted of 500,000 UNI ($3.75 million), 183,799 LINK ($2.62 million), 171 MKR ($500,000), and 31,139 ENS ($483,000). Such mixed portfolio withdrawal means a strategic investment in different crypto assets.

Market Whales Bet on Crypto Value Appreciation

The withdrawal of a substantial volume of cryptocurrency by whales may create a material liquidity shortage and destabilize prices. These investors can increase the price if demand continues to be constant or grows by reducing the availability of supply on exchanges. Indeed, the actions of whales are usually perceived as signals for long-term value by these major holders.

The withdrawal of several assets from the exchanges indicates that these whales expect positive outcomes from their holdings. They seem to be trying to take a long-term approach rather than short-term profits. These withdrawals symbolize their trust in the continued value appreciation of these cryptocurrencies.

PEPE Trading Activity Spikes, Technical Indicators Bullish

PEPE price activity from Binance’s recent data is spiking. The Moving Average Convergence Divergence (MACD) indicator indicated a bullish crossover. This signal is strong with the rising buying momentum. Moreover, the recent crossing of the signal line by the MACD line below offers another confirmation of this trend, which is in line with the visible market price spike of PEPE.

PEPE’s Relative Strength Index (RSI) indicator is at 64.86 and shows strong buying pressure. Additionally, this level is below the overbought threshold of 70, suggesting there is still room for price growth before the market could become overheated. 

Read Also: Peter Brandt Backs Michael Saylor’s Controversial Bitcoin Is King Statement

The post 5 Crypto Whales Aggressively Accumulate PEPE, LINK, and More appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am