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Cryptocurrencies cannot escape the close monitoring of individual investors due to their sector experiences and portfolio sizes. In an environment where whales run in large crowds, predicting the future price becomes easier. Although it does not predict the future, whale movements can be the key to some successful predictions.
Bitcoin Cash (BCH)
Crypto whales are increasing their holdings in anticipation of a market-wide increase in October 2023. On-chain data shows that BCH Coin whales have also entered accumulation mode. BCH Coin, which reached its peak of $329 in June 2023, could enter the list of the most profitable cryptocurrencies again.
The price of BCH has risen above $250 this week. Whales holding between 100,000 and 1 million BCH have been the biggest supporters of the recent rally. As you can see below, whales bought a total of 150,000 BCH Coin between September 21 and October 3.
Chainlink (LINK)
LINK Coin, a favorite of many cryptocurrency experts, has been heavily battered in the bear market. Chainlink is a project that has monopolized the field and continues to grow with its global partners. The team is now making every effort to increase the benefits of LINK Coin. Some steps have been taken in the past year regarding the staking pool and its expansion, which saves LINK Coin from its unproductive state.
After a successful tokenization test with SWIFT, Whale Transactions jumped from 30 to 218 between September 17 and October 2. The 218 whale transactions recorded on October 2 were the highest since July 24, 2023.
Maker (MKR)
Whale activities have also seen a resurgence here. They may have angered Buterin with the idea of switching to their own networks in Solana’s code, but the price has increased significantly. The graph below shows how MKR Coin went from only 9 whale transactions on September 19 to reaching 102 on October 2. Moreover, this was the peak in the past 6 months.
Whales seem to be increasing demand due to the 8% DAI gain after the interest rate decision.
In conclusion, an increase in whale demand has historically led to significant positive price fluctuations in altcoins. If history repeats itself, these increases in demand could lead to price increases in October.
