So, September didn’t start as we’d all hoped. Prices dropped about 5% in the first week. And lots of traders hit pause and are just watching as things play out.
But we’ve been keeping tabs on the whales, the guys with the deep pockets. And these guys are still going hard after some coins despite the turbulence. Why should you care? Because whale activity can give us an idea of what’s about to pop or where the market’s headed. So, today, we’ll look at three major crypto whales are going hard after. We’ll also give you some updates on each coin and why they could be up to something.
1) Polygon ($POL)
The first on our list is Polygon. The Ethereum scaling solution officially moved from its old $MATIC token to $POL on September 4th. Lots of people expected the switch to lead to some selling. But the opposite has been the case.
On-chain data shows an increase in whale wallets buying $POL. Whale wallets hold between 100,000 and 1,000,000 $POL. The number of these wallets grew by over 90%. Around 33% of these wallets now control 5% of the total $POL supply. Although $POL has stayed around $0.38, increased whale activity suggests their faith that prices could go up in the future.
Source: X
What Makes POL Different?
$POL has some similarities with MATIC. For example, it’s still used for staking and paying transaction fees in the Polygon ecosystem. But $POL has some new features. $POL is designed to:
- Improve security.
- Handle more transactions.
- Enable users to stake across multiple Polygon chains.
The transition to $POL focuses on making Polygon more secure and better.
2) Litecoin ($LTC)
Next up is Litecoin ($LTC). Now, Litecoin might not be the first coin you think of, but the data from Santiment tells a different story. Since late August, Litecoin has seen a surge in whale activity. Now, whale activity isn’t exactly new for Litecoin, but what makes it interesting this time is that it’s happening during a market slump.
Source: X
According to Santiment, there’s been a big jump in Litecoin transactions over $100,000. In the last week of August, there were around 800 of these transactions. But by September 7, that number shot up to about 1,100—a 25% increase in just one week!
Getting noticed on social media
And it’s not just about the transactions. Litecoin is getting a lot more attention on social media too. The discussion rate around LTC went from less than 0.3% at the end of August to almost 3% by September 7th. That’s a massive jump.
Source: X
We believe this spike in social media buzz is something to watch, whether you’re into Litecoin or not. All of this—the rise in whale transactions and the social media hype—suggests that investors are watching Litecoin. Something huge could be on the way. Keep an eye on it
3) Bitcoin ($BTC)
This might come as a surprise but whales are buying Bitcoin. And that’s not my opinion, on-chain data backs this up. Lately, the number of wallets holding over 100 BTC has hit its highest point in 17 months. This shows that whales are still interested.
Source: X
Check this out: Bitcoin whales have accumulated over $7.6 billion BTC in just 30 days. The smaller investors are selling off their BTC because of market ups and downs. But, the whales are in for the long term.
One whale bought 322.37 $BTC($19M) on September 3, and a total of 2,322.37 $BTC($136M) in 5 days. He currently holds 8,881 $BTC($523M). Another whale bought 545 $BTC($30.82M) shortly after the recent price drop. This whale bought 862 $BTC($49M) from the bottom at an average price of $56,993 within 3 days.
Source: X
October is Coming
It makes sense that Bitcoin whales are accumulating BTC in September. That’s because historically, BTC declines in September and surges in October. Data from 2013 to 2023 backs this up. Bitcoin only experienced a decline in October 2014 and October 2018. Both were during bear markets. Besides that, October always brings double-digit gains for BTC holders.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
