Over the past week, the market-wide flash crash on August 17 negatively impacted investor confidence. But, while global altcoin market capitalization dipped 11%, crypto whales are buying these three altcoins, presumably for October gains. 

Excluding Bitcoin (BTC), the global altcoin market capitalization tumbled by 11% in August 2023. On-chain data explores how crypto whales have taken advantage of the price dip to buy MakerDAO (MKR) and two other mega-cap altcoins.  

Will these 3 altcoins deliver significant gains for investors in October 2023? 

Maker (MRK) Could Make its Way Up the Charts in October

Maker (MKR) is the governance token of the MakerDAO —a DeFI protocol that issues and manages the DAI hybrid-stablecoin. Thanks to a landmark DAI savings rate hike to 8%, MKR has attracted considerable whale demand in the last two weeks. 

On-chain data shows that crypto whales holding balances of 100,000 to 10 million MKR added 16,000 tokens to their wallet balances between August 13 and August 21. 

At the current market value of $1,009, the newly-acquired 16,000 MKR tokens are worth $16.14 million. If the recent bearish headwinds subside, MK

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Author: Ibrahim Ajibade

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