Even though there is a retreat in the cryptocurrency market, whale interest continues. Especially crypto whales focus on some altcoin projects. As a result, they trigger a strong increase in the respective token prices. These altcoins are on the whales’ radar these days.
DOGE whales transactions hit 3-month high
Dogecoin price recorded a rapid recovery of 20% between October 14 and October 23. On-chain data reveals renewed whale interest in the largest meme-coin by market cap as a key driver. As you can see from the chart below, the altcoin recorded 599 Whale Transactions on October 15, while DOGE price was trending at its lowest level of the year. But since then the whales have taken action to prevent greater losses. On October 24, Dogecoin reached 1,420 whale transactions, the highest since July 25.
The Whale Transaction metric shows the total number of daily transactions exceeding the $100,000 mark. An increase in whale transactions is considered a bullish signal for several reasons. First, it indicates increased buying interest from whale investors. This supports the confidence of individual investors. More importantly, the liquidity provided by these large transactions allows investors to execute transactions more efficiently and at affordable prices. Unsurprisingly, Dogecoin price quickly made a 20% price recovery during this period. However, investors will be watching closely to see whether the whales consolidate their positions or continue to push aggressively for more gains.
Whale activity is at its peak, leading altcoin is preparing for a big rally
cryptokoin.comAs you follow from , the upward trend has returned to the overall cryptocurrency market. In this environment, fear of missing out (FOMO) has also increased among holders of the industry’s most important assets, especially Ethereum, which recorded the highest whale transaction amount in the last six months. Indeed, Ethereum whale transactions, especially those above $100,000, have skyrocketed to a six-month high, according to data shared by blockchain analysis platform Santiment. Additionally, ETH supply on exchanges has fallen to a record low since its inception in 2015.
Notably, the number of altcoin Ethereum transactions worth $100,000 and above reached 6,049 on October 24. This level was the highest day since April 2023. Additionally, ETH supply on exchanges dropped to 8.41%, the lowest amount since July 2015. At the same time, Bitcoin (BTC), Cardano (ADA) and Dai (DAI) are witnessing major increases in whale activity. According to Santiment analysis, Bitcoin recorded 14,833 $100,000+ transactions on October 24. Thus, it reached the highest number since the news of multiple applications for the spot Bitcoin ETF in June.
Mystery whale invested $444,000 in SHIB
He invested $444,000 in the mysterious crypto whale Shiba Inu (SHIB). In an unexpected turn of events, the SHIB market was sparked by a surprising purchase by an unknown whale. This mysterious investor, identified by Etherscan, recently purchased 60 billion altcoin SHIB worth $444,000. This mysterious entity currently owns 73.255 billion Shiba Inu tokens. This corresponds to a significant figure of $541,350 in their portfolio.
What makes this event even more interesting is the rapid rise of this mysterious investor. Just a month ago, it made its first SHIB transactions. In this short period of time, altcoin SHIB assets increased to half a million dollars. What’s even more remarkable is that this SHIB acquisition accounts for almost half of its digital assets.
altcoin Will price history repeat itself?
The timing of this large-scale transaction is also noteworthy. Speculation is mounting in the community as SHIB is poised for a prolific rise. Recently, popular analyst Ali Martinez highlighted that the TDS indicator is giving a buy signal on SHIB’s weekly chart. Notably, the last two bullish signals from this indicator resulted in price increases of 118% and 71% respectively.
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