Investors in the crypto market assume the upcoming launch of Ethereum ETF is a great opportunity to earn profit. To seize this opportunity big whales of Pepe are selling off their holdings to invest in ETH ETF.
The information is examined by analyzing the holding addresses of this token and further divided into different segments to identify which group of holders are selling the most.
Data shared by Into The Block categorized holders from $100,000 to $1 million. The decline in the holdings shows that these investors are selling most of their holdings in the last 30 days.
The bleeding investments of the holders surprise everyone as Pepe is the most famous meme coin launched on the Ethereum blockchain. The rise in ETH ETF price will also help Pepe to gain momentum and reach new highs.
The price of Pepe cannot spike constantly until the selling pressure reduces and people start investing in it.
Pepe is marked as the top 25 coins in the crypto market and trading at $0.000008991 low by 3.49% in a 7-day graph with a trading volume of $502.6M. It is 48.9% down after hitting its all-time high on March 27.
The current market indicators suggest that the coin can further deplete to almost 55% from its all-time high, however, after the launch of Ethereum ETF the coin can perform well on the graph.
Future Peaks on the Horizon
The Market Value to Realized Value (MVRV) is a technical indicator to tell the profitability in the market. If the MVRV ratio is high, it indicates that the market cap is surpassing the realized market cap. At that point, the holders can sell the asset as the price is going high.
In the reverse case if the ratio decreases it reveals that the market cap is much higher than the realized cap,
In most cases, this results in unpredicted losses with little to no incentive to sell. Currently, PEPE’s 30-day MVRV ratio stands at -10.90%, reflecting a recent drop in demand dynamics.
The lower value of MVRV will force investors to hold the asset by considering meme coins undervalued in the current market condition.
If the buying pressure increases later, the price could attempt to reach its May highs. Despite bearish indicators before the ETF launch, some analysts believe the meme-coin could benefit from this development.
Donny Dicey, a crypto analyst shares his thoughts on how Pepe will react after the launch of Ethereum ETF.
