Over the past week, the market-wide flash crash on August 17 negatively impacted investor confidence. But, while global altcoin market capitalization dipped 11%, crypto whales are buying these three altcoins, presumably for October gains.
Excluding Bitcoin (BTC), the global altcoin market capitalization tumbled by 11% in August 2023. On-chain data explores how crypto whales have taken advantage of the price dip to buy MakerDAO (MKR) and two other mega-cap altcoins.
Will these 3 altcoins deliver significant gains for investors in October 2023?
Maker (MRK) Could Make its Way Up the Charts in October
Maker (MKR) is the governance token of the MakerDAO —a DeFI protocol that issues and manages the DAI hybrid-stablecoin. Thanks to a landmark DAI savings rate hike to 8%, MKR has attracted considerable whale demand in the last two weeks.
On-chain data shows that crypto whales holding balances of 100,000 to 10 million MKR added 16,000 tokens to their wallet balances between August 13 and August 21.
At the current market value of $1,009, the newly-acquired 16,000 MKR tokens are worth $16.14 million. If the recent bearish headwinds subside, MKR could deliver considerable October gains.
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Uniswap (UNI) Large Investors Remain Hopeful of a Rebound
After hitting a 4-month peak on August 2, Uniswap’s (UNI) price has since dipped by 30%. But bullish whales have continued buying despite the double-digit price correction triggered by the August 17 flash crash.
Evidently, so, whale transactions involving UNI skyrocketed by more than 420% between August 13 and August 21
Large Transactions evaluates changes in the trading activity of whale investors’ by tracking the daily number of confirmed transactions that exceed $100,000. If the whales continue on this trajectory, they could cop significant gains in October.
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Optimism (OP) Flashing Green Signals
Riding on the Worldcoin (WLD) wave, Optimism (OP) attracted significant network activity in August 2023. In fact, the August 17 flash crash failed to dissuade whale investors from stacking their OP bags.
The Santiment chart below shows after an initial scare on August 17, the whales holding 100,000 to 1 million OP tokens coins have started buying again.
Between Aug 17 and August 22, they have now replenished their wallet balances by another 3.22 million OP tokens.
With OP price currently hovering around $1.55, the 3.22 million coins acquired in the last 5 days are worth $4.5 million. Such a large volume of whale demand within days means that the institutional investors on the Optimism network remain positive on October gains.
In summary, when large institutional investors start buying a token during a market-wide downtrend, it inspires confidence across the ecosystem. Hence, Maker (MKR), Uniswap (UNI), and Optimism (OP) are some of the altcoins to look out for in October 2023.
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The post Crypto Whales are Buying These 3 Altcoins for October Gains appeared first on BeInCrypto.