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Last week’s sudden market crash on August 17th had a negative impact on investor confidence. However, while the global altcoin market capitalization dropped by 11%, crypto whales are likely buying these three altcoins for October gains.
Whale Activity in Three Altcoins!
Excluding Bitcoin (BTC), the global altcoin market value dropped by 11% in August 2023. On-chain data is investigating how crypto whales took advantage of the price drop to buy MakerDAO (MKR) and two other mega valuable altcoins. Maker (MKR) is the governance token of MakerDAO, a DeFI protocol that issues and manages the DAI hybrid stablecoin. MKR has attracted significant whale demand in the past two weeks, thanks to the increase in the DAI savings rate to 8%.
On-chain data shows that crypto whales with balances between 100,000 and 10 million MKR added 16,000 tokens to their wallet balances between August 13th and August 21st. With a current market value of $1,009, the newly purchased 16,000 MKR tokens are worth $16.14 million.
If the recent downward trend subsides, MKR could see significant gains in October. Uniswap’s (UNI) price dropped by 30% after reaching a four-month high on August 2nd. However, bullish whales continued to buy despite the double-digit price correction triggered by the sudden crash on August 17th.
Furthermore, whale transactions involving UNI increased by over 420% between August 13th and August 21st. Optimism (OP), which continues the Worldcoin (WLD) wave, attracted significant network activity in August 2023. The sudden crash on August 17th did not discourage whale investors from accumulating OP.
Current Status of Whale Targets!
Santiment charts show that whales holding between 100,000 and 1 million OP tokens started buying again after the initial panic on August 17th. Between August 17th and August 22nd, an additional 3.22 million OP tokens were added to their wallet balances. With OP currently trading around $1.55, the value of the 3.22 million altcoins acquired in the past 5 days is $4.5 million. The influx of such a large amount of whale demand in just a few days indicates positive sentiment from institutional investors on the Optimism network for October gains.
In summary, when major institutional investors start buying a token during a market-wide downtrend, it instills confidence throughout the ecosystem. Therefore, Maker (MKR), Uniswap (UNI), and Optimism (OP) could be some of the altcoins to watch out for in October 2023.
