According to data from Santiment, whale activity has surged for several major cryptos. Among the top tokens seeing increased whale transactions are Injective (INJ), Shiba Inu (SHIB), and others.
Furthermore, this increase coincides with the historically positive October crypto market, which fuels expectation of possible price increases.
Whale Activity Signals Growing Market Anticipation
Santiment’s tweet highlighted rises in whale activity across projects with market caps exceeding $2 billion. The most notable increase was seen in Injective (INJ), which recorded a 456% rise in large-scale transactions.
Among cryptocurrencies with at least a $2B in market cap, these are the projects seeing the highest rises in whale activity compared to the week prior:1) @injective $INJ +456% Rise2) @wrappedbtc $WBTC +421% Rise3) @shibainucoin $SHIB +360% Rise4) @makerdao $DAI… pic.twitter.com/wagNpAgXEK
— Santiment (@santimentfeed) September 30, 2024
Other tokens like Wrapped Bitcoin (WBTC) and Shiba Inu (SHIB) also saw spikes of 421% and 360%, respectively. This surge suggests a growing interest from large investors as market participants eye potential price growth in October.
Tokens such as MakerDAO (DAI), Pepe (PEPE), and Dogecoin (DOGE) have also had notable whale activity, reflecting a broader trend in the crypto market as investors anticipate bullish movements. Despite these developments, the prices of these tokens have shown mixed trends.
Token Prices Show Moderate Gains Despite Pullbacks
Amid increased whale activity, several tokens have experienced price fluctuations. Based on CoinGecko, injective (INJ) witnessed a 7.94% price rise in the last day, trading at $24.57; during the last week, it increased by 9.96%.
Shiba Inu (SHIB), meantime, has shown great general performance with a 26.10% increase over the past week despite a 2.04% decline in the last day.
Price corrections for Dogecoin (DOGE) and optimism (OP) have also been comparable; DOGE dropped 3.55% in the past 24 hours and OP showed a meager 0.07% drop. Over the previous week, both tokens remain up 9.09% and 9.00%, respectively even with these little declines.
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October’s Bullish Market Outlook
October is usually considered as a good month for cryptocurrencies, and the increase in whale activity can be a forerunner of a possible market surge. Big investors acquiring tokens like INJ, SHIB, and DOGE point to increasing market confidence in the rising trend.
Though recent price movements have been mixed, the increased whale transactions highlight the possibility of strong future performance.
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