The September market turnaround boosted many major altcoins, establishing strong support levels. This bullish shift is expected to gain momentum as we enter Q4, historically a favorable period for crypto. As the market prepares for an extended rally, large holders are becoming increasingly active in Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB), looking to capitalize on their growth potential.

Whale Accumulation Positions Dogecoin and Two Other Cryptos to Lead ‘Uptober’ Rally

Analytics from Santiment reveals that cryptocurrencies with at least $2B market cap are seeing a notable surge in whale activity. Injective (INJ) leads with a massive 456% increase in whale activity, signaling a potential accumulation trend ahead of the anticipated ‘Uptober’ rally. Popular meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) are also attracting significant whale interest, with SHIB up 360% and DOGE rising 67%.

Dogecoin (DOGE)

DOGE recently dipped from $0.13 to $0.113, a 14.27% decline following the broader market pullback. However, the price has shown resilience above $0.112. A bullish crossover between the 20-day and 50-day moving averages has helped buyers regain momentum. The post-correction swing could drive DOGE up 20% to test $0.144, with $0.176 as the next target.

On-chain data shows large wallets holding 10-100 million DOGE have actively increased their positions, accumulating 18.71 billion DOGE.

Injective (INJ)

Like Dogecoin, Injective’s price has rebounded from a six-month downtrend within a falling wedge pattern. INJ broke above the pattern’s upper boundary on September 22nd amid the market reversal.

If this bullish pattern plays out, the Injective price could surge 36% from its current $24 to challenge $33 resistance. On-chain metrics show INJ supply on exchanges has dropped significantly in 2024, now at just 1.28 million coins.

Shiba Inu (SHIB)

Shiba Inu experienced a similar 15% pullback, dropping from $0.0000216 to $0.0000185. While continued selling may test $0.000016 support, a sharp reversal is expected due to an inverted head and shoulders pattern forming.

This chart setup often precedes major reversals, suggesting SHIB is poised for a breakout above $0.000022. Additionally, SHIB supply held by top addresses has surged to 61.65, indicating large holders are confident in its growth prospects.

Conclusion:

Whale accumulation activity points to Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB) as potential frontrunners for the upcoming ‘Uptober’ crypto market rally.