Key Points:
- Crypto whales are buying Polygon (POL), Ethereum (ETH), and PEPE coins.
- Polygon whale wallets grew by 90%, showing strong interest.
- Whale actions may signal future price increases for these coins.
In the first week of September 2024, the global cryptocurrency market fell by 5%. Many investors remained cautious, choosing not to trade. However, big investors, called crypto whales, used the dip to buy more coins. They focused on Polygon (POL), Ethereum (ETH), and the meme coin PEPE. This whale activity suggests they see value in these coins, even as the market slows down.
Polygon (POL) Whales Buy More Tokens
On September 4, Polygon finished moving its token from MATIC to POL. Right after, the number of whales buying POL grew quickly. These whales are wallets that hold between 100,000 and 1,000,000 POL. The number of these wallets jumped by over 90%, and they now control 5% of the total POL supply, spread across 33 wallets.
Even though some expected the token migration to cause selling, these whales kept buying. The price of POL has stayed at $0.38, but the growing interest from whales shows that they believe the price may rise in the future.
Ethereum (ETH) Whales Increase Holdings
Ethereum has been stuck at a price of around $2560, but whales have been buying more. Large ETH holders, who control over 0.1% of the total Ethereum supply, increased their holdings by 38% over the past week. This means they bought more Ethereum than they sold.
When whales buy more, smaller investors often follow their lead, which can push prices up. If this trend continues, Ethereum might break its resistance level and rise toward a price of $2868.
PEPE Gains More Whale Attention
The meme coin PEPE, which runs on Ethereum, is also seeing more interest from whales. In the past week, the number of wallets holding between 1 million and 10 million PEPE hit a record high of 69,000. This is a 1.2% increase, showing that large investors are adding more PEPE to their wallets.
Whales seem to be buying PEPE because it is undervalued right now. The coin’s Market Value to Realized Value (MVRV) ratio is at -5.67%. When this ratio is below zero, it means the current price of the coin is lower than the average price paid by all investors. This presents a chance for investors to buy at a discount. Whales are taking advantage of this dip.
Despite a 5% drop in the market, crypto whales are confident in Polygon, Ethereum, and PEPE. Their continued buying suggests that they expect the prices of these coins to rise, even as others stay on the sidelines. This whale activity could be a signal of future price growth for these popular altcoins.
