Big players in the crypto market, known as crypto whales, are making strategic moves by accumulating specific altcoins amidst the recent market downturn. Their actions offer insight into potential areas where significant capital may be allocated next. As October unfolds as a pivotal month for the crypto industry, let’s explore three altcoins that are quietly attracting the attention of whales.
Ethereum (ETH): Seizing the Opportunity
Despite Ethereum’s price slipping below $4,000, experiencing a 14% decline in the past month, whales are aggressively accumulating the digital asset. In recent days, over 406,000 ETH, valued at more than $1.6 billion, has been added to whale wallets.
Ethereum continues to exhibit robust fundamentals, with transaction fees decreasing and ongoing network enhancements by developers. Some industry experts draw parallels between ETH’s future growth trajectory and Bitcoin’s early days. Bitmine, under the guidance of Tom Lee, has amassed nearly $9 billion worth of ETH. Whales perceive the current dip as a favorable buying opportunity in anticipation of potential gains later in the year.
Aster (ASTER): Endorsed by Binance
Aster, a newcomer in the perpetual DEX sector, launched on September 17 and has surged over 240% in a short period. With backing from Binance and CZ, Aster is positioned as a contender to challenge Hyperliquid’s market dominance.
In just two days, whales have acquired over $48 million worth of Aster tokens. Support from Binance lends credibility and resources to the project, potentially fueling long-term growth. If Aster captures even a fraction of Hyperliquid’s market share, its price could witness substantial appreciation from current levels.
Plasma (XPL): Endorsed by Prominent Figures
Plasma (XPL) is a layer 1 blockchain focused on stablecoins, recently launched and already attracting significant whale attention. Notable backers include Bitfinex and Peter Thiel’s Founders Club, bolstering the project’s reputation.
XPL has experienced a price surge from $0.70 to $1.21 post-launch. One whale secured over $2.7 million worth of tokens during the public sale, while others acquired tokens at $0.05. Even Justin Sun, renowned for Tron, profited $16 million from trading XPL. While the project remains speculative, the strong support from influential backers and whale interest position it as one to monitor closely.