Historic Uptober is here; what coins are whales buying?

Historically, the last three months of the year have always worked well for the crypto industry. Investors look to October (Uptober) to make up for yearly trade and crypto purchases losses. Recently, the crypto market has been largely unpredictable and volatile. 

Santiment: Q4 2024 has traders on edge

Market intelligence platform Santiment released a list of the top 10 digital assets with a market cap of more than $2 billion. These tokens have witnessed the most significant whale activity towards the end of September. Injective leads with a 456% rise, while optimism ranks tenth with a 59% spike.

On the other hand, Wrapped BTC (WBTC) takes the second position with a 421% spike in whale activity. Shiba Inu (SHIB) takes the third position with a 360% surge. 

MakerDao’s DAI claims the fourth spot with a 147% rise. The stablecoin has a market cap of $5.3 billion and is pegged to the US dollar in a ratio of 1:1. Pepe (PEPE) comes in fifth with a 109% rise and has a market cap of $4.5 billion.  

Ethena Labs’ stablecoin USDe, Dogecoin (DOGE), and Wrapped Ether (WeETH) claim the seventh, eighth, and ninth positions, respectively, with 67%, 67%, and 62% market spikes. 

In addition to these crypto coins, investors have shifted focus to Telegram-based games and their airdrops, such as Hamster Kombat. Also, Bitcoin’s price movements are attracting attention.

Currently trading between $62,000 and $64,000, Bitcoin remains about 13% below its all-time high of $73,000. Notably, a long-dormant Bitcoin whale address that had been inactive for 10.7 years and held 41 BTC has become active again. 

Analysts highlight a trend of old Bitcoin whales reawakening.  The first stage is the reactivation of old whales. The second stage involves new whales turning into retail investors, and the final stage is when these retail investors “hodl” their Bitcoin and eventually become whales themselves.

If the trend remains, the crypto market will experience its best bull run in the last two years.