Maker (MRK)
Maker (MKR) is the governance token of MakerDAO, a DeFi protocol that issues and manages the stablecoin DAI. Due to a significant increase in the DAI savings rate to 8%, MKR has attracted significant demand from cryptocurrency whales over the past two weeks.
On-chain data shows that cryptocurrency whales holding balances ranging from 100,000 to 10 million MKR have added 16,000 MKR tokens to their wallet balances between August 13th and August 21st.
With the current market value at $1,009, the newly purchased 16,000 MKR tokens are worth $16.14 million. If the recent downward price pressures subside, MKR could potentially experience a substantial increase in value in October.
Uniswap (UNI)
After reaching its highest point in four months on August 2nd, the price of Uniswap (UNI) experienced a 30% decline. However, despite the two-digit price adjustment caused by the flash crash on August 17th, price-surging cryptocurrency whales continue to buy.
Clearly, transactions involving UNI by these significant players surged by over 420% between August 13th and August 21st.
Major trades evaluate shifts in the trading activities of these whale investors by monitoring the number of daily confirmed transactions exceeding $100,000. If these whales continue along this trajectory, they could potentially drive a significant price surge for UNI in October.
Optimism (OP)
Riding the Worldcoin (WLD) wave, Optimism (OP) has attracted significant network activity in August 2023. In fact, the flash crash incident on August 17th couldn’t deter whale investors from accumulating OP.
The Santiment chart below illustrates that after the initial fear on August 17th, whales holding 100,000 to 1 million OP tokens began buying again. From August 17th to August 22nd, they added 3.22 million OP tokens to their wallet balances.
With the current OP price hovering around $1.55, the 3.22 million OP tokens acquired in the past 5 days are valued at $4.5 million. The demand for such large whale volume over a few days indicates that investors on the Optimism network remain optimistic about an increase in October.