September didn’t start as many hoped. Prices dropped about 5% in the first week, and many traders hit pause to see how things unfold. However, we continue to monitor the actions of crypto whales, individuals with deep pockets. Despite market turbulence, they persist in investing actively in certain coins. Today, we’ll examine three cryptocurrencies that have garnered the attention of crypto whales and understand why they might promising.
Polygon (POL)
The first on our list is Polygon. On September 4th, the Ethereum scaling solution officially moved from the MATIC token to POL. While many expected the switch to lead to selling, the opposite has occurred. On-chain data shows an increase in whale wallets buying POL. Wallets holding between 100,000 and 1,000,000 POL 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 confidence in potential future price increases.
Litecoin (LTC)
Next up is Litecoin. According to Santiment, since late August, Litecoin has seen a surge in whale activity. In the last week of August, there were around 800 transactions involving Litecoin over $100,000. By September 7, this number grew to about 1,100—a 25% increase in just one week. Additionally, Litecoin is experiencing increased attention on social media. Discussion rates around LTC rose from less than 0.3% at the end of August to almost 3% by September 7, indicating heightened investor interest.
Bitcoin (BTC)
Surprisingly, whales are actively buying Bitcoin. On-chain data shows that the number of wallets holding over 100 BTC has reached its highest point in 17 months. Over the last 30 days, crypto whales have accumulated over $7.6 billion worth of BTC. While smaller investors are selling their BTC due to market fluctuations, major players are betting on long-term gains. Historically, Bitcoin has shown significant growth in October, further encouraging whales to accumulate BTC in September.
Monitoring the actions of crypto whales can provide insights into future market trends. The increased activity of crypto whales towards Polygon, Litecoin, and Bitcoin indicates growth potential for these cryptocurrencies. Interest in these coins shows that large investors see prospects and are willing to invest significant amounts despite current market uncertainties.
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