Crypto Whales Are Buying These Coins for October
October has historically been a good month for the crypto market, with many coins and tokens experiencing rallies. Whales are gearing up for the fourth quarter and are loading up their portfolios with these assets.
What Are Whales Buying?
According to Juan Pellicer, Senior Analyst at IntoTheBlock, whales are increasingly focusing on large-cap cryptocurrencies as October approaches. This aligns with the current cycle, which seems to be driven primarily by institutional demand. These institutional players typically prefer more established, liquid assets in the crypto space.
Ethereum (ETH)
Ethereum, the leading altcoin, is one of these “big” cryptocurrencies that whales are buying. Santiment data shows that addresses holding 10 million to 100 million ETH have increased their holdings by 910,000 tokens over the past 26 days. The total purchase value exceeds $2.4 billion at current prices.
Dogecoin (DOGE)
Another favorite of large investors is the popular meme coin Dogecoin. The cryptocurrency’s price has risen by a substantial 24% in the last 30 days. At the time of writing, DOGE is trading at $0.12, its highest level since August 2.
On-chain metrics show that large addresses (holding more than 0.1% of the coin’s circulating supply) are steadily increasing their holdings. In the past week alone, net capital inflows into the whale segment for the meme coin have increased by 143%.
Moreover, a majority of Dogecoin holders are currently in profit, which could be another reason why whales are so eager to buy it. The Global In/Out of the Money metric for DOGE shows that 76% of all DOGE holders are currently in profit, while only 20% of addresses are in loss.
Toncoin (TON)
Rounding out our list is Toncoin, closely tied to the Telegram messenger. The number of large transactions involving the altcoin has significantly increased in the last month.
According to IntoTheBlock, the number of large transactions with TON (amounting from $1 million to $10 million) has increased by 179% over the period. Transactions over $10 million have also shown an impressive growth of 83% in the same timeframe.
An increase in the number of large transactions is traditionally a bullish sign. Increased whale activity strengthens the confidence of retail investors, encourages buyer activity, and supports the price growth of the cryptocurrency.
While October has historically been a favorable month for the crypto market, it’s important to note that the market remains unpredictable. BeInCrypto encourages readers to conduct their own research and consult with a financial specialist before making any investment decisions based on this information.
