Keith invests in Ethereum: why PEPE, LINK and UNI are in the spotlight
- The whales have accumulated over $9 million worth of ERC-20 tokens.
- Pepe and LINK saw more positive price performance than UNI.
Recently, Pepe (PEPE), Uniswap (UNI) and Chainlink (LINK) have witnessed a large gathering of whales. While UNI stood out with a clear price trend, PEPE and LINK showed similar price movements.
Another commonality between these assets is that they are all ERC-20 tokens. Continued accumulation and price trends are considered a bullish signal that could impact the Ethereum (ETH) network.
Whales Accumulate Pepe, Chainlink and Uniswap
According to data from watch the threadOn May 4, whales engaged in major hoarding activity, purchasing millions of dollars worth of various ERC-20 tokens.
One notable transaction was the withdrawal of 322.48 billion Pepe tokens from the Binance exchange, worth approximately $2.78 million.
Another whale withdrew 500,000 UNI tokens worth about $3.75 million and 183,799 ENLACE tokens worth about $2.62 million from the Binance exchange (BNB).
Pepe and Chainlink see bullish trends
Pepe AMBCrypto analysis. Price action on the daily chart revealed consistent bullish trends from May 1st to May 4th. On May 4, its value increased by 7.30%.
Notably, its price trend is now above the short moving average (yellow line), which has moved into support, indicating a positive price trend.
However, as of this writing, Pepe’s trading value has fallen by more than 1%.
AMBCrypto found that Chainlink has also shown consistent bullish trends since May 1st.
Its price rose from about $13 to more than $14, closing at about $14.3 on May 4, a price increase of more than 1%.
Despite the positive movement, Chainlink’s overall trend remained less positive than Pepe’s, with its price trading below the short and long averages (yellow and blue lines).
At the time of writing, it was trading at around $14.2, reflecting a decline of less than 1%.
Among standard Ethereum tokens accumulated by whales, Uniswap showed the worst price performance.
Although there has been an increase in prices since May 1, it was not until May 4 that the increase exceeded 1%, rising 6.66% and trading at around $7.5.
However, despite the growth, its blue and yellow lines acted as resistance levels. It was trading at around $7.4, indicating a drop in value of more than 1%.
Additionally, the Relative Strength Index (RSI) remained around 40, indicating a bearish trend.
Will Ethereum Face Consequences?
The accumulation of Pepe, Chainlink and Uniswap is a positive sign for these Ethereum-based assets. This suggests an expectation for further price increases, which is inherently bullish.
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In the event of a possible increase in the prices of these tokens, sales of these accumulator whales could trigger further accumulation by other traders.
This increase in trading volume could significantly impact the overall trading volume on the Ethereum network. In addition, the increase in volume will likely impact network rates.
This is an automatic translation of our English version.