Historically, October is an extremely successful month for the crypto market, during which many coins and tokens rally. Whales are preparing for the start of the fourth quarter in advance and replenishing their portfolios with these assets.
Let’s figure out which cryptocurrencies whales are currently investing in in hopes of making a profit in October.
Whales love big coins
IntoTheBlock senior analyst Juan Pellicer said that as October approaches, whales are increasingly focusing on large market cap cryptocurrencies.
One of these “big” cryptocurrencies is the market’s leading altcoin, Ethereum (ETH). According to Santiment, over the past 26 days, addresses holding between 10 million and 100 million ETH have added 910,000 tokens to their holdings. The total purchase price exceeded $2.40 billion at current prices.
Dogecoin holders enjoy life
Another favorite of large investors is the popular memecoin Dogecoin. Cryptocurrency price over the last 30 days grew up by an impressive 24%. At the time of writing, DOGE is trading at $0.12, its highest level since August 2.
On-chain metrics show that large addresses (i.e. those holding more than 0.1% of the circulating supply of a coin) are steadily increasing their holdings. In the last week alone, net capital inflows into the memcoin whale segment increased by 143%.
At the same time, the majority of Dogecoin holders are currently in the profit zone. This could be another reason why whales are so eager to purchase this memcoin.
The Global In/Out of the Money values for DOGE show that 76% of all DOGE hodlers are now making profits, while only 20% of addresses are making losses.
Global In/Out of the Money values for Dogecoin. Source: IntoTheBlock
Toncoin in the spotlight
Closing our list today is Toncoin, which is closely related to the Telegram messenger. Over the past month, the number of large altcoin transactions has increased significantly.
According to IntoTheBlock, the number of large transactions with TON (amounting from $1 million to $10 million) increased by 179% during the specified period. Transactions over $10 million also saw an impressive increase of 83% over the same period of time.
Number of large transactions with Toncoin. Source: IntoTheBlock
An increase in the number of large transactions is traditionally a bullish sign. Increased whale activity strengthens the confidence of retail investors, stimulates buyer activity and supports the growth of cryptocurrency prices.
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Source: Cryptocurrency
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