CandleFocus Crypto Whales Bought These Altcoins in the First Week of September 2024
2024-09-07
Author: Content Editor
The global cryptocurrency market has seen a decline in trading activity, leading to a 5% drop in market capitalization. However, large investors known as crypto whales are taking advantage of the market dip by acquiring altcoins such as Polygon, Ethereum, and the meme coin Pepe. After Polygon completed its token migration from MATIC to POL, whale accumulation of POL increased by over 90%. Ethereum has faced resistance at the $2560 price level but its large holders have increased their netflow by 38% in the past week. Demand for the meme coin PEPE has also increased among crypto whales, with the number of addresses holding between 1 million and 10 million PEPE reaching a record high. The buying activity is encouraged by the undervaluation of PEPE based on its Market Value to Realized Value ratio.
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