Whale Accumulation Sets Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB) to Spearhead 'Uptober' Rally
- Linda HamiltonOriginal
- 2024-10-02 01:22:15602browse
The September market reversal bolstered most major altcoins to establish strong bottom support. This bullish shift will likely gain momentum as we
Whale accumulation is setting the stage for a strong ‘Uptober’ rally, with Injective (INJ), Shiba Inu (SHIB), and Dogecoin (DOGE) emerging as the frontrunners. Here's a closer look at their movements and what to expect in the coming months.
Whale activity, a crucial indicator of large-scale cryptocurrency movements, is revealing some interesting trends as we enter Q4. According to Santiment, 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
As the market gears up for an extended rally, large holders are aiming to capitalize on the growth potential of these assets. Let's dive into the details of each cryptocurrency and see how they performed in September.
Dogecoin (DOGE) price dropped from $0.13 to $0.113, showing a 14.27% loss in the process. Despite the bearish shift, Dogecoin price managed to maintain its momentum above the crucial support at $0.112.
A bullish crossover recently occurred between day 20 and the 50-day exponential moving average, allowing buyers to quickly regain the bullish momentum that was lost during the bearish downturn.
After the correction, buyers can anticipate a 20% swing that will propel the asset towards challenging the resistance levels at $0.144 and $0.176.
Santiment analytics also reveals that large wallets, holding between 10 million and 100 million DOGE, have actively increased their buying, accumulating 18.71 billion DOGE.
Injective (INJ) price recovered from a six-month correction trend within the falling wedge pattern, and 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 trading 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.
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.
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