PEPE Holders Sell-Off Ahead of Ethereum ETF Launch: Will Memecoin Survive the Dip?
The post PEPE Holders Sell-Off Ahead of Ethereum ETF Launch: Will Memecoin Survive the Dip? appeared on BitcoinEthereumNews.com.
The cryptocurrency market has been witnessing significant movements within memecoins, particularly PEPE, over the past month. Data indicates a considerable sell-off by large PEPE holders, raising questions about the token’s future. “A detailed analysis reveals that PEPE is undervalued and might experience a rally post significant market events,” noted a crypto analyst. PEPE’s large holders have made significant moves in recent weeks, selling off considerable portions of their holdings. Discover why this could signal a prospective market rally. Large Holders Reduce PEPE Holdings Substantially Recent on-chain analytics have revealed that PEPE’s largest holders have offloaded a substantial amount of their holdings in the last 30 days. Addresses holding tokens worth between $100,000 and $10 million have decreased by double digits, signifying a notable sell-off. Market Sentiment Divergence Contrary to the optimistic outlook surrounding the upcoming Spot Ethereum (ETH) ETF launch, which many in the crypto space view as bullish, PEPE’s large holders appear to differ in sentiment. According to data from various addresses, these holders have been selling rather than accumulating, indicating a lack of confidence in PEPE’s short-term performance. Potential Impact of Spot Ethereum ETF on PEPE Despite the current sell-off, there is a possibility that the launch of the Spot Ethereum ETF could positively impact PEPE’s price. However, sustaining any potential price increase may be difficult without a corresponding rise in buying pressure. As it stands, PEPE is trading at $0.0000087, a 49.27% decline from its all-time high on 27 May. Market Value to Realized Value (MVRV) Analysis The Market Value to Realized Value (MVRV) ratio offers insightful revelations about PEPE’s market condition. A current 30-day MVRV ratio of -10.90% suggests that the token has faced poor demand dynamics recently. This negative ratio indicates that the realized market cap surpasses the current market cap, which often leads to…
Filed under: News - @ July 14, 2024 4:20 am