- Whale has accumulated over $9 million worth of ERC-20 tokens.
- Pepe and LINK had more positive price trends than UNI.
Pepe recently [PEPE]Uniswap [UNI]chain link [LINK] We witnessed a huge accumulation of whales. UNI stood out with a unique price trend, while PEPE and LINK also showed similar price movements.
Another thing these assets have in common is that they are all ERC-20 tokens. The ongoing accumulation and price trend is considered a bullish signal and could impact Ethereum. [ETH] Communication network.
Whales accumulate Pepe, Chainlink, Uniswap
According to data from look on chainWhale engaged in large-scale accumulation activity on May 4th, acquiring various ERC-20 tokens worth millions of dollars.
One notable transaction involved the whale withdrawing 322.48 billion Pepe tokens (worth approximately $2.78 million) from the Binance exchange.
Another whale withdrew 500,000 UNI tokens worth about $3.75 million and 183,799 Link tokens worth about $2.62 million from Binance. [BNB] exchange.
Pepe and Chainlink are on the rise
AMBCrypto's analysis of Pepe's price movement on daily timeframe charts reveals a continuous uptrend from May 1st to May 4th. On May 4th, its value increased by 7.30%.
Notably, its price trend is currently located above the short moving average (yellow line) that was transitioning to provide support, indicating a positive price trend.
However, as of this writing, Pepe's trading value was down more than 1%.
Source: TradingView
AMBCrypto discovered that Chainlink has also shown a continuous upward trend since May 1st.
The price skyrocketed from about $13 to over $14, and closed at about $14.3 on May 4, marking a price increase of over 1%.
Despite the positive movement, Chainlink's overall trend is still not as positive as Pepe's, with the price trading below its short-term and long-term averages (yellow and blue lines).
As of this writing, it is trading at around $14.2, reflecting a decline of less than 1%.
Source: TradingView
Among the Ethereum standard tokens accumulated by whales, Uniswap had the lowest price performance.
The price has been on the rise since May 1st, but the only time the stock rose more than 1% was on May 4th, when it rose 6.66% to trade at around $7.50.
However, despite the increase, that blue and yellow line acted as a resistance level. It is trading at around $7.4, representing a drop in value of more than 1%.
Furthermore, the Relative Strength Index (RSI) is hovering around 40, suggesting a bearish trend.
Source: TradingView
Will Ethereum be affected?
The accumulation of Pepe, Chainlink, and Uniswap is a positive signal for these Ethereum-based assets. This suggests the expectation of further price increases and is inherently bullish.
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If the price of these tokens eventually spikes, sales from these accumulated whales could trigger further accumulation by other traders.
This resulting increase in trading volume can have a significant impact on trading volume across the Ethereum network. Additionally, increased volume can impact network charges.
