The post PEPE whales accumulate despite losses – Should you follow suit? appeared on BitcoinEthereumNews.com.

Whales have recently accumulated 828.8 PEPE from Kraken.  Will the whale actions ignite a price rebound for PEPE?  Pepe [PEPE] recorded renewed whale interest despite its current local price lows. According to Spot On Chain, two whale wallets grabbed 828.8B PEPE, worth $6.2 million, from Kraken on 17th August.  The whale wallets, believed to belong to a single person, recently sold 500B PEPE before grabbing more 828.8B PEPE at the recent low of $0.0000074.  “This whale sold 500B $PEPE 3 days ago at $0.000008 and bought 828.64B $PEPE at the lower price of $0.0000074. The whale now holds 1.33T $PEPE($9.93M) but still loses $3.3M on $PEPE.” Source: Look On Chain Is PEPE’s whale action a buy signal? PEPE memecoin concentration is mainly dominated by whales, per IntoTheBlock data. As such, whale moves like the aforementioned one could impact PEPE prices.  In the past 7-day trading period, whales held nearly 49% of PEPE circulation, followed by retail class at 27% and investors at 23%. In short, PEPE whale moves can’t be overlooked.  Source: IntoTheBlock So, was the whale bid price of $0.0000074 ‘cheap’ and a buy signal for other sidelined speculators?  Yes, the whales snagged PEPE at a ‘cheaper’ value.  The negative reading (-13%) of the MVRV (Market Value to Realized Value) ratio showed that the PEPE was undervalued and suggested that it was relatively cheap at current values. It meant that short-term PEPE holders (held for the past 30 days) held the meme coin at a loss.  Source: Santiment Conversely, a positive MVRV reading would mean that PEPE was overvalued. Additionally, positive MVRV values also mean holders have unrealized profit and could be tempted to sell for profit.  Meanwhile, PEPE topped Open Interest (OI) rates amongst memecoins over the weekend, likely due to recent whale moves. This suggested that more…

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Filed under: News - @ August 18, 2024 6:03 pm