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What are the whales buying ahead of the U.S. CPI report?
The consumer price index report (CPI) for July of America is expected to be released on August 12 and is becoming the focus of attention, as the crypto market has begun to show signs of "positioning" ahead of this important economic event.
On-chain data reveals that crypto "whales" are quietly yet strategically accumulating a range of potential altcoins. Prominent among them are Chainlink (LINK), Cardano (ADA), and the meme token PEPE – names that are strongly attracting capital flows from major investors.
Chainlink (LINK)
LINK – the native token of the leading oracle network Chainlink – is becoming the center of attention as "whales" ramp up their buying ahead of America announcing the consumer price index.
Data from Nansen shows that the number of wallets holding over 1 million USD worth of LINK has increased by 11% in just seven days, reflecting a aggressive accumulation strategy from large investors.
If the positive trend continues, LINK could completely move towards the area of 25.55 USD. However, in the opposite scenario where buying pressure weakens, the price could retreat to the level of 19.51 USD.
ADA – the Layer-1 platform coin (L1) – is becoming the focus of attention for major investors as the time for the CPI report of America approaches. Data from Santiment shows that, just in the past week, "whale" wallets holding between 100 million to 1 billion ADA have aggressively accumulated a total of 190 million ADA.
If this trend continues, ADA not only has the potential to break through the 0.84 USD level but could also challenge the important resistance zone of 0.92 USD. Conversely, if buying pressure weakens, the price may adjust to around 0.76 USD.
The meme coin PEPE, inspired by the image of a frog and launched on the Ethereum network, has become the center of attention for "whales" in the past week.
During this time, the group of investors holding over 1 million USD worth of PEPE has increased their holding ratio by an additional 2%, bringing the total number of tokens they hold to 9.01 trillion.
In a positive scenario, PEPE could reach the milestone of 0.00001315 USD. Conversely, if buying pressure weakens, the price could adjust to the range of 0.00001070 USD.