October is poised for a good performance. Many cryptocurrencies have the potential to perform well this month. So, what are the suitable projects to invest this month? Crypto expert Lawrence Mike Woriji identifies 5 altcoins with this potential and explains why.
The top secret altcoin: Pendle (PENDLE)
PENDLE is at the top of the list for October. There’s nothing strange about Pendle. Because the project has shown real potential in the last few months. Pendle is the only DeFi protocol that maintains an impressive TVL despite market movement. In addition, Pendle works on sustainable economics. It also has a team that has demonstrated its commitment to growth over the last few months. Moreover, Pendle’s recent RWA integration has made the protocol one to watch.
https://twitter.com/Flowslikeosmo/status/1710037391258599934
Maker (MKR) comes in second place
Maker (MKR) is another altcoin project that has caught the attention of the crypto community due to its recent rise. Maker’s extraordinary financial success has been impressive. By the way, it should be noted that Maker is one of the largest revenue-generating DeFi protocols with an annual revenue of $193 million. The main source of this income is the interest it earns from DAI miners. Additionally, Real World Assets (RWAs) are a big part of this.
It seems like $ARB whales are bullish with $MKR.
We spot 2 whales that keep selling $MKR while having a large balance of $MKR.
1/ Whale 0x509
14 hours ago, he sold 1.7M $ARB for 906 $ETH($1.48M), earning $73K profit.
Then, he quickly bought 872 $MKR ($1.24M) at $1422.
2/… pic.twitter.com/g6mE0KB1NA
— The Data Nerd (@OnchainDataNerd) October 5, 2023
Maker was traded heavily in September, shortly after the US Federal Reserve announced it was halting interest rates. Interestingly, as you follow from Kriptokoin.com, Maker recorded a 6-month high on October 2. DAI savings rate of 8% has been a great attraction for institutional investors. So I expect Maker to stay relevant throughout October.
Third next altcoin: Gmx (GMX)
We will likely see a lot of liquidity in GMX very soon. The reason for this is that GMX recently applied to Arbitrum for a grant. The application focuses on creating diversified permanent and spot pools with capital efficiency and increased liquidity. We recently listed GMX as one of the tokens that whales are interested in. Whales’ interest in GMX is no surprise. GMX has everything it needs to be successful. Therefore, it is possible to see high numbers very soon.
https://twitter.com/GMX_IO/status/1708931740394266952
We continue the list with Synthetix (SNX)
Synthetix is one of the tokens taking to the stage for a performance this month. Meanwhile Synthetix V3 is approaching. Additionally, there is likely to be an expansion towards Base with ETH as collateral asset against synthetic debt.
https://twitter.com/synthetix_io/status/1709646100670669157
Last secret altcoin: Frax (FXS)
FRAX is one of the cryptos we are evaluating for strong performance during the next bull run. However, a weak FRAX supply has hurt its recent performance. However, all this may change soon as FRAX V3 will offer RWA coverage and yield distribution.
https://twitter.com/DeFiDave22/status/1710081669104078944
The opinions and predictions in the article belong to the expert and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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