Whale Purchases $12.16 Million in PEPE and $11.93 Million in Ondo Tokens
Despite Bitcoin's new all-time high, the broader market has shown sluggish performance this week. The meme coin and DeFi market cap experienced a significant decline due to reduced momentum, indicating a lack of bullish triggers.
The DeFi crypto market cap fell by 4.73%, now at $131.87 billion. The meme coin market cap decreased from $137.06 billion to $116.86 billion over the past week, illustrating the volatility within these markets.
New Whale Adds Ondo Finance and PEPE
Amidst the downturn in DeFi and meme tokens, two blue-chip tokens saw a new whale entry. A whale acquired PEPE and Ondo through a newly created wallet on the BingX exchange, suggesting strategic accumulation.
The whale purchased 519.34 billion PEPE tokens valued at $12.16 million and 5,825,243 Ondo tokens worth $11.93 million. This activity indicates growing support for these tokens despite short-term market challenges.
Additionally, Donald Trump’s World Liberty Finance invested $250,000 in Ondo tokens, demonstrating institutional interest in DeFi assets.
Ondo Price Targets $3 amid Bull Run Chances
The 4-hour chart shows Ondo's price action breaking out of a falling channel pattern, increasing by 55.67% from a low of $1.29 to its current price of $2.01. This recovery suggests renewed investor confidence.
After reaching an all-time high of $2.14, Ondo maintains a position above the psychological mark of $2.00. The Fibonacci levels suggest potential targets of $2.42 and possibly $3.00 by the end of December if market conditions improve. Positive trends in MACD and signal lines further support this bullish outlook.
Pepe Coin in a Triangle Trap Eyes a 28% Breakout Run
The 4-hour chart reveals PEPE's price in a negative cycle within a descending triangle pattern, with a recent drop of 2.55% approaching the 100-day moving average. Current trading stands at $0.00002317, nearing local support levels.
The bearish crossover in MACD signals a potential continuation of the downtrend; however, a bullish divergence noted in the RSI may indicate possible recovery. Fibonacci analysis suggests that a breakout could lead to prices reaching $0.00002970, while crucial support levels are identified at $0.00002240 and $0.00002129.
Conclusion
The recent whale activity in PEPE and Ondo reflects underlying optimism in the market. With Ondo achieving new highs and PEPE positioned for a potential breakout, these movements could precede larger market trends. Whales may continue to acquire blue-chip, meme, and DeFi tokens at lower prices, presenting opportunities for strategic investors.