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Altcoins: the top gainers of the outgoing week

This week, several cryptocurrencies showed impressive growth: Dogecoin (DOGE), Worldcoin (WLD) and Ethena (ENA) were among the leaders.

Let's find out what caused the rally of these coins and whether they have chances to continue growing.

Dogecoin (DOGE)

Dogecoin topped the list of growth leaders: over the last 7 days, the memcoin has added 31.60% in value. One of the reasons for this rally was the activity of cryptocurrency whales. During the week, they accumulated a large amount of DOGE, creating significant pressure on the price of the coin.

Tesla CEO Ilon Musk also played an important role in Dogecoin's rise. Throughout the week, Musk, a strong supporter of Donald Trump's presidential ambitions, repeatedly mentioned the potential creation of the Department of Government Efficiency (D.O.G.E) if Trump wins the election.

From a technical perspective, Dogecoin's rise was triggered by a breakout from a triangle

Which cryptocurrencies were buying whales this week

This week, trading activity increased noticeably, and the crypto market capitalization increased by 10%. As a result, large investors, or whales, started buying up some coins.

Let's tell you which cryptocurrencies the whales made the biggest bet on this week.

Bitcoin (BTC)

Over the past week, the price of bitcoin has increased by 10%. As the price approaches an all-time high, BTC whales have been consistently increasing coin holdings.

Over the past seven days, crypto whales holding between 10,000 and 1,000,000 coins have increased their holdings by 20,000 coins worth over $1.35 billion at current market prices. This group of investors now owns 3.05 million coins.

If this accumulation trend continues, bitcoin will make a clean break of resistance around $68,000 and launch a rally towards the all-time high of $73,750.

A total of 9 wallets own 83.5% of all HMSTR tokens

The distribution of Hamster Kombat (HMSTR) tokens by address shows a highly uneven concentration of assets, where the bulk of the wealth is concentrated in a very small number of users. According to the data in the image, the largest holders (with a balance of more than $10 million) control 83.53% of all HMSTR tokens issued, totaling 77.15 billion HMSTR. Only 9 addresses hold this amount, highlighting the serious centralization of wealth in the ecosystem.

Those who have received between $1 million and $10 million in HMSTR represent less than 0.002% of the total number of addresses, yet control 8.35% of all tokens, or 7.71 billion HMSTR distributed across 9 addresses. This also demonstrates the concentration of assets among the elite.

The next layer - HMSTR owners with balances between $100k and $1 million make up 0.01% of addresses, controlling 6.13% of assets (5.66 billion tokens). Their number is small - only 49 addresses -

GOAT memcoin has caught the attention of cryptocurrencies after rising 260%

Goatseus Maximus (GOAT) is a Solana-based memcoin that has caught the attention of cryptokites amid an impressive 260% growth over the past 30 days.

At the time of writing, the asset's price has reached $0.40. The rapid growth suggests that GOAT could become a key player among memcoins. But how far can big investors go?

Whales are buying a new memcoin on Solana

According to Lookonchain, the crypto-kit bought GOAT for$4 million on Binance. This isn't the first time an investor has shown confidence in a memcoin on Solana: addresses associated with the same whale previously invested $3.07 million in more than $10 million worth of GOAT.

Whale's large investments tend to attract the attention of retail investors. However, when whales sell off their assets, retail often follows suit, causing prices to plummet. In the case of GOAT, the whale's continued large purchases indicate confidence in growth.

Here's why bitcoin prices may not go down

The leading crypto-asset is up more than 11% over the past seven days and more than 13% from its one-month lows of $59,000.

Interestingly, bitcoin defied the bearish sentiment following its drop below $59,000 a few days ago. Many analysts were calling for lower prices, with the mid $50,000s among the target levels.

However, BTC broke the $60,000 mark over the weekend and rose to $68,000 on Thursday. Meanwhile, market analyst Michael van de Poppe was among those taken aback by bitcoin and its bullish sentiment.

After rising to the $68,000 area, van de Poppe said bitcoin will correct significantly before the next uptrend. According to his analysis, he suggested a downtrend to the $65,000 area.

However, Poppe noted today that favorable economic data, such as a rate cut by the European Central Bank and U.S. nonfarm payroll data, could push the bitcoin price higher.

Poppe expects the bitcoin price to rise further

25 projects raised more than $928 mln in investments over the past week

-- Praxis Society and Blockstream were the leaders in terms of the amount of funding received.
-- Funds' attention was focused on the DeFi sector.
-- Three projects did not disclose the amount invested.

Between October 12 and October 19, 2024, 25 projects raised investments totaling $928.6 million.

In addition, four other organizations provided grants to projects, namely:

Incrypted provided a $7,000 media grant to the Blinks Deals project team and $3,000 to DePlan. Another $10,000 media company Cointelegraph gave to startup SynergyAI.

Project Soneium said it has selected 30 projects within the accelerator program to support.

Startup Fractal awarded $33,000 in grants to ten projects.

Team Blast invested $250,000 each in five startups.

Near selected eight projects through its accelerator program, each of which received $150,000.

A number of other projects raised funding, but did not disclose the amount invested.

Expert says XRP will never fall below $1 again

A CryptoTank analyst believes that XRP could lock in above $1 as “big events” are just around the corner.

CryptoTank expressed this opinion in a post on X today, urging market participants to continue accumulating more XRP tokens. He based his optimistic outlook on key upcoming events surrounding payment company Ripple.

First, he pointed out that Ripple Chairman Chris Larsen and CEO Brad Garlinghouse will be speaking at the Federal Reserve meeting on Tuesday, October 22.

As such, CryptoTank suggested that significant changes are on the horizon for XRP. He urged enthusiasts to buy XRP while it is still below $1, suggesting that such a low price may not last long.

At the time of publication, XRP is trading at $0.5476. The altcoin has been trading below $1 for about three years, since December 2021.

This is largely due to the fact that past major events have not significantly increased the value of the asset.

NFT activity on Telegram has reached a record high

As Telegram users increasingly interact with the Web3 space, non-replaceable tokens (NFTs) are gaining popularity on the messenger platform. According to Web3 data provider Helika, activity with NFTs on Telegram grew 400% in the third quarter of 2024.

Experts estimate that the number of unique addresses that use NFTs on Telegram on a daily basis grew from less than 200,000 in early July to more than 1 million by the end of September. Gamers are particularly active in using non-replaceable tokens.

Our data shows that gamers on Telegram are not only creating wallets, but also actively interacting with NFTs, indicating a dynamic and active level of non-mutualizable token usage within the ecosystem,” Helika analysts said in the report.

Interestingly, in addition to activity in NFT, gamers in Telegram began to play longer. According to Helika, the average duration of a user's gaming session increased from 2.8 minutes in August to 6.7 minutes in early October.

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