Whale Accumulation of PEPE from Kraken Signals Potential Price Rebound
The post Whale Accumulation of PEPE from Kraken Signals Potential Price Rebound appeared on BitcoinEthereumNews.com.
Whales have recently accumulated a significant amount of PEPE from Kraken. This has raised questions about whether whale actions will trigger a price rebound for the cryptocurrency. Two whale wallets acquired 828.8B PEPE, valued at $6.2 million, from Kraken, sparking renewed interest in the token. Two whale wallets accumulated 828.8B PEPE coins from Kraken, causing speculation about a potential price rebound. Can these whale actions drive a significant recovery in the value of PEPE? Increased Whale Activity in PEPE On 17th August, two significant whale wallets, believed to belong to a single entity, made a notable purchase of 828.8 billion PEPE tokens from Kraken. These wallets had previously sold 500 billion PEPE and then repurchased a larger quantity at a lower price, illustrating a strategic move to capitalize on the cryptocurrency’s recent price dip. The whales currently hold a substantial 1.33 trillion PEPE, despite facing a $3.3 million loss on their investment. Market Impact of Whale Holdings Whale activities in the PEPE market are noteworthy due to their potential to influence prices. Data from IntoTheBlock indicates that whales control nearly 49% of PEPE’s total circulation. This concentration of holdings means that any significant whale transactions can lead to price fluctuations, impacting retail and institutional investors alike. This market dominance underscores the critical role of whales in the PEPE ecosystem. Analyzing PEPE’s Current Valuation The Market Value to Realized Value (MVRV) ratio for PEPE recently registered a negative reading of -13%, signifying that the token was undervalued. Short-term PEPE holders, holding the token for the past 30 days, are currently at a loss. This undervaluation presents an opportunity for potential investors to acquire PEPE at a relatively low price, suggesting a ‘buy’ signal. However, it’s crucial to consider market dynamics and speculative risks before making investment decisions. Liquidity and Open Interest…
Filed under: News - @ August 18, 2024 6:13 pm