Crypto Whales’ Big Bet: An Examination Of Their 3 New Altcoin Targets
October 11 2023 - 2:00PM
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Savvy crypto investors—often dubbed “crypto whales” due to their
sizable holdings, which can influence market trends have recently
been setting their sights on a select group of altcoins,
potentially aiming to capitalize on their prospective gains. Recent
developments, such as the US Federal Reserve’s (Fed) hint at
pausing rate hikes and speculations around the approval of more
futures exchange-traded funds (ETFs) in the U.S., are suspected to
be the catalysts steering crypto whale interests, according to
Marti, a recognized voice from the Altcoin Buzz YouTube channel.
Notably, Macroeconomic events have always played a critical role in
shaping the dynamics of the financial markets. Cryptocurrencies,
while unique in their operations, are no exception to this
influence. Related Reading: MakerDAO Secures $6 Billion For
Treasury Bill Investments As MKR Dominates 2023 LINK: Chainlink’s
Surge Attracts Big Crypto Players Chainlink’s native coin, LINK, is
turning heads and emerging as a prime focus for these heavyweight
investors. Marti identifies LINK as one of September’s top
performers among leading cryptocurrencies, registering roughly 30%
growth. Marti says this gain can be attributed to several
developments, including Chainlink’s tokenization collaboration with
SWIFT, the international payment rail, and a growing interest in
the real-world assets sector. Whale activities around LINK have
also been quite noteworthy. On-chain data by IntoTheBlock reveals a
jump from 30 whale transactions on September 17 to 218 by October
2. A notable transaction involved a purchase of 424,443 LINK
tokens, a transaction value of about $3.25 million. This whale
spent $3.25M to buy 424,443 $LINK again at a price of $7.67 an hour
ago. Which caused the price of $LINK to increase
again.https://t.co/pRCcK2tQAa pic.twitter.com/VHe2CTrBTi —
Lookonchain (@lookonchain) October 8, 2023 Diving Deeper: The Rise
Of MKR And BCH Maker (MKR), another altcoin, has experienced a
significant uptick in large-scale transactions, coinciding with the
Fed’s rate halt announcement in September. Marti sheds light on the
surge in whale activities around MKR, highlighting that significant
transactions leaped from nine on September 19 to a 6-month high of
102 by October 2. Bitcoin Cash (BCH), a staple in the crypto realm,
hasn’t been left out of the whale frenzy either. Marti parallels
BCH’s current scenario and its June 2023 bull rally, which
propelled BCH to a yearly zenith of $329. Recent on-chain data
underscores this enthusiasm, showing whales’ noticeable
accumulation in BCH holdings. From September 21 to October 4, there
was a notable increment in their total balances, suggesting an
acquisition of an additional 150,000 BCH. Furthermore, while
LINK, MKR, and BCH have seen positive price trends over the past
month—mirroring the whale accumulation metrics—each has also faced
its share of downturns. Related Reading: 81 Binance Wallets
Withdraw $31 Million In LINK, What This Mean For The Altcoin
Notably, LINK and MKR emerged as the top performers among the trio,
registering monthly gains of 24.8% and 27.3%, respectively. In
comparison, BCH posted a modest rise of 16.2%. Yet, it’s worth
noting that over the past week, all three altcoins have experienced
declines: LINK decreased by 4.4%, MKR by 2.2%, and BCH by 6.2%.
Featured image from Unsplash, Chart from TradingView
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