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September is considered one of the worst months for Bitcoin and the crypto market, often referred to as “Rektember”.
However, considering the buying spree that the whales are on, this time could potentially be different.
Crypto whales appear to be stacking Bitcoin, with thousands of BTCs moving out of exchanges. Similarly, smart-money investors are also heavily buying new meme coins like Pepe Unchained and Base Dawgz.
The trend indicates that the next crypto bull run could be on the horizon.
Whales Are Buying Bitcoin
Popular crypto trader “Mr. 100” added an additional 300 BTC to his ever-growing portfolio, further fueling the speculation that it could be an exchange.
Similarly, a Binance whale purchased 1000 Bitcoin – worth nearly $57.3 million – today. This same trader added another 1000 BTCs last week.
The level of conviction indicates that this whale believes a bull run could be imminent.
Popular crypto analyst Ali Martinez (@Ali_Charts) also highlights that there was a spike in the BTC Taker Buy/Sell Ratio on HTX, which indicates aggressive buying from the whales.
Last week, Martinez also highlighted a sharp 40,000 drop in Bitcoin exchange supply in a span of just 48 hours, a sign that several major players bought the dip.
All signs point towards a strong uptick in crypto prices. Indeed, the Bitcoin price has created higher highs and higher lows since the Black Monday crash on August 5th.
After all, there is an abundance of bullish narratives for the Bitcoin price to rally around. For instance, the Federal Reserve is expected to cut interest rates by at least 25 basis points in September.
The CME FedWatch is showing a high probability of 100 bps quantitative easing in 2024, a decidedly bullish scenario for the market.
Meanwhile, Donald Trump is now the favourite to win the 2024 US Presidential elections once again, according to Polymarket odds as well as Nate Silver’s model. Being the clear pro-crypto candidate in the race, a Trump victory could be extremely bullish for the crypto market.
Smart Money Investors Buy New Meme Coins
Smart money investors also appear to buying new meme coins, looking to replicate the 100x gains they scored earlier this year.
For instance, popular crypto trader Cilinix Crypto – who has over 68k followers on YouTube – recently purchased Pepe Unchained (PEPU).
He is also not the only one. The new meme coin has raised over $11.5 million in its presale, considering it is the only frog-themed token – including Pepe – with its own blockchain.
Indeed, PEPU will have its native ETH-compatible, Layer-2 blockchain, offering low trading costs and high staking rewards. Most new Ethereum meme coins are lacklustre in the area and see nominal retail investment.
On the contrary, experts believe that PEPU could see substantial retail inflows and offer 100x returns to the early buyers.
Similarly, smart money investors appear to be stacking Base Dawgz (DAWGZ), a new meme coin on the Base chain which has raised over $3.2 million in its presale.
DAWGZ is set to launch on DEXs on September 4th. Its IEO is creating quite a buzz, considering that analysts are calling it the next 10x crypto.
With its multi-chain functionality, high staking rewards and strong community backing, these price predictions aren’t far-fetched.
Source: https://finbold.com/whales-stack-bitcoin-new-meme-coins-is-the-next-bull-run-here/