Many investors are bullish on the upcoming launch of spot Ethereum ETFs. Do PEPE holders share that enthusiasm though? Well, data says...
On-chain data revealed that the memecoin was undervalued and could rally after the eventWe found this information after examining the addresses by holdings data. This indicator groups addresses into different segments and shows if they are accumulating or selling off their assets.that PEPE addresses holding tokens worth $100,000 to $10 million fell by double-digits. This decline implies that they have sold off some of their tokens within the last 30 days.
This is a surprise, primarily because PEPE is the top memecoin on the Ethereum blockchain. Therefore, it was expected that the big wigs of the memecoin sector would give the same bullish cues as the rest of the bullish market., PEPE’s price might hike as a result of the development. However, it could be challenging to sustain the hike unless buying pressure increases.Going by the analysis above, further distribution could drag the price, and the token could be 55% down for the highs.
When the ratio rises, it means that the market cap is outpacing the realized cap. In this instance, holders of a cryptocurrency have motive to sell. However, if the ratio falls, it means that the realized cap is much more than the market cap.to sell. At the time of writing, PEPE’s 30-day MVRV ratio was -10.90%, indicating that it experienced a poor level of demand dynamics lately.
However, the good part is that the negative ratio might force market participants to hold on to the token. Therefore, the memecoin could be termed undervalued relative to its current market conditions.its May highs. Despite the bearish signs pre-ETF launch, some analysts believe that the memecoin would gain from the development.
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