The September market reversal bolstered most major altcoins to establish strong bottom support. This bullish shift will likely gain momentum as we enter Q4, a historically favorable period for cryptocurrency buyers. As the market gears up for an extended rally, large holders are becoming increasingly active in Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB), aiming to capitalize on their growth potential.
Whale Accumulation Sets Dogecoin and Two Crypto to Spearhead ‘Uptober’ Rally
Santiment analytics reveals that cryptocurrencies with a market cap of at least $2B are experiencing a notable surge in whale activity. Injective (INJ) leads the charge with a staggering 456% surge in whale activity, indicating a potential accumulation trend as the market prepares for the ‘Uptober’ rally. Top Meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) are also seeing significant whale interest, with SHIB up 360% and DOGE rising by 67%.
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% Rise
2) @wrappedbtc $WBTC +421% Rise
3) @shibainucoin $SHIB +360% Rise
4) @makerdao $DAI… pic.twitter.com/wagNpAgXEK
— Santiment (@santimentfeed) September 30, 2024
Dogecoin (DOGE)
DOGE, the dog-themed cryptocurrency, recently plunged from $0.13 to $0.113, accounting for a 14.27% loss. This bearish turnaround followed the broader market pullback, allowing the Dogecoin price prediction to show sustainability above $0.112.
A recent bullish crossover between day 20 and the 50-day exponential moving average allowed buyers to recuperate the bullish momentum. The post-correction swing could drive the asset 20% up to challenge the $0.144 level, followed by $0.176.
Santiment data shows that large wallets holding between 10 million and 100 million DOGE have actively increased their buying, accumulating 18.71 billion DOGE.
Whale Accumulation
Injective (INJ)
Like Dogecoin, the Injective price recovered a six-month correction trend within the falling wedge pattern. Amid the September market reversal, the INJ price managed to pierce the pattern’s upper boundary on September 22nd.
If the bullish pattern holds true, the Injective price could surge 36% from the current training price of $24, challenging the $33 resistance.
The on-chain data highlights that INJ supply on exchange has drastically dropped in 2024, now settling at 1.28 Million coins.
Supply on Exchange| Santiment
Shiba Inu (SHIB)
Shiba Inu, the Dogecoin Killer, witnessed a similar pullback from 15% as the price plunged from $0.0000216 to $0.0000185. With sustained selling, the SHIB price may lose 12% to retest $0.000016 support, but a sharp reversal is expected amid an inverted head and shoulder pattern.
In theory, this chart setup emerged amid a major market reversal, indicating the Shiba Inu price prediction is poised for a major breakout from $0.000022.
Moreover, the SHIB supply held by top addresses has experienced a significant surge to now stand at 61.65, indicating that the large holders are confident in their potential growth.
SHIB supply held by top addresses | Santiment
Check out the article on top meme coins to buy for a detailed analysis
Conclusion:
Whale accumulation sets Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB) as the frontrunners for the upcoming ‘Uptober’ rally.
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