Recently, crypto whales have shown notable enthusiasm for several altcoins, particularly Polygon (POL), Ethereum (ETH), and PEPE coins. Here’s a closer look at these trends:
Polygon (POL)
Whale Activity: In early September 2024, the number of whale wallets holding between 100,000 and 1,000,000 POL tokens grew by 90%. These wallets together hold 5% of the total POL supply.
Reasons for Buying: Despite expected selling pressure from the transition from MATIC to POL, whales continue to buy, reflecting their strong belief in the asset's future. The price of POL has stabilized around $0.38, indicating they see it as undervalued, anticipating price increases ahead.
Ethereum (ETH)
Whale Activity: Large Ethereum holders increased their assets by 38% in early September 2024, taking advantage of a market dip.
Reasons for Buying: With ETH priced around $2560, whales expect a breakout to $2868, showing faith in Ethereum’s long-term potential. Additionally, whale purchases often influence smaller investors to buy, further driving up prices.
PEPE Coins
Whale Activity: The number of wallets with 1 million to 10 million PEPE coins hit a record 69,000, marking a 1.2% increase.
Reasons for Buying: The Market Value to Realized Value (MVRV) ratio for PEPE is at -5.67%, suggesting the current price is below the average paid by investors. Whales see this as a chance to acquire PEPE at a discount, expecting that rising interest will boost its price.
