Unlike the previous rules, the competition is now only for the 10 highest wagers, the lowest ranking rewards $10 and the highest $600, I'm hesitant to join but I will continue to monitor it until the last day, hopefully there won't be many changes so I can catch up with those above.

Based on the previous tournament. Those who manage to secure top 10 spot are very active on wagering contest. Unless you can achieve that same level of wagering volume I think you have a chance to win.
If you have low bankroll I think it’s better to gather wager slowly but consistently in daily basis so will not be forced to wager in bigger bets on last day just to compete with other player.
I do get why you are just observing. But if I will have intention to participate on this tournament, I will do a slow betting now for more wager on low bet amount.