- Whales collected more than $9 million worth of ERC-20 tokens.
- Pepe and LINK saw a more positive price development than UNI.
Recently, Pepe [PEPE]Uniswap [UNI]and Chainlink [LINK] witnessed significant whale accumulations. While UNI stood out for its clear price development, PEPE and LINK showed similar price movements.
Another similarity between these assets is that they are all ERC-20 tokens. The continued accumulation and price trends are considered a bullish signal, which could impact Ethereum [ETH] network.
Whales collect Pepe, Chainlink and Uniswap
According to data from Look at chainOn May 4, Whales conducted significant accumulation activities, acquiring millions of dollars worth of various ERC-20 tokens.
One notable transaction involved a whale withdrawing 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 LINK tokens worth about $2.62 million from Binance [BNB] stock exchange.
Pepe and Chainlink see an upward trend
AMBCrypto’s analysis of Pepe’s price movement on a daily timeframe chart revealed consecutive uptrends from May 1 to 4. On May 4, its value increased by 7.30%.
Notably, price development was now positioned above the short moving average (yellow line), which had moved to provide support, indicating positive price development.
However, at the time of writing, Pepe experienced a drop in its trading value of over 1%.
Source: TradingView
AMBCrypto found that Chainlink also showed consecutive upward trends from May 1.
The price rose from around $13 to over $14 and closed at around $14.3 on May 4, which represented a price increase of over 1%.
Despite the positive move, Chainlink’s overall trend remained less positive than Pepe’s, with price trading below the short and long averages (yellow and blue lines).
At the time of writing, the stock was trading around $14.2, reflecting a decline of less than 1%.
Source: TradingView
Of the Ethereum standard tokens collected by whales, Uniswap showed the worst price performance.
Although price increases occurred starting on May 1, the price increase did not exceed 1% until May 4, up 6.66% to trade around $7.5.
However, despite the rise, the blue and yellow lines acted as resistance levels. It traded at around $7.4, indicating a decline in value of over 1%.
Moreover, the Relative Strength Index (RSI) has been hovering around 40, indicating a bear trend.
Source: TradingView
Will Ethereum Face the Consequences?
The accumulation of Pepe, Chainlink and Uniswap is a positive signal for these Ethereum-based assets. It suggests that further price appreciation is anticipated, which is inherently bullish.
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In the event of an eventual price increase for these tokens, the sale of these accumulating whales could lead to further accumulation by other traders.
This resulting increase in trading volume could have a significant impact on the overall trading volume of the Ethereum network. Additionally, an increase in volume would likely impact fees on the network.