This month, the potential US debt ceiling crisis has rippled across the cryptocurrency markets. However, despite the mild contraction, crypto whales are buying certain altcoins.
Mega Cap Layer-1 coins have taken a big hit as the crypto market cap dropped by 9% in May 2023. In response, Crypto whales seem to be shifting their focus to the altcoin markets.
On-chain data shows that whales have recently been buying cryptocurrencies such as AGIX, MATIC, and RNDR.
Will this whale accumulation set the pace for these altcoins to advance before June 2023?
AGIX Whales Are Keeping the AI Hype Going
SingularityNET (AGIX) first attracted mainstream media attention during the AI boom fueled by the rise of ChatGPT in early 2023. While most of the AI tokens emerging in January 2023 appear to be obsolete, the same cannot be said about AGIX.
Between May 11 and May 25, whales with balances between one million and 10 million AGIX tokens have accumulated significantly. The chart below shows how they added another 7 million AGIX to their balances during that period.
At the current market price of $0.26, the newly added value tokens are worth nearly $1.82 million. In particular, this cohort of whales represents 65% of AGIX’s total circulating supply.
This suggests that they could almost single-handedly fuel AGIX’s price hike if they continue to buy.
Cryptographic Whales are Restoring Trust from Polygon (MATIC)
The price of Polygon (MATIC) has had a tough start to May 2023, with a 17% drop in the first 12 trading days. However, since beating the recent local bottom of $0.83 on May 11th, MATIC has managed to claw back 7% gains as of May 25th.
Increasing DeFi staking and bullish activity from whale investors played a critical role in the recent MATIC price recovery.
Specifically, the cluster of whales with 1 million to 100 million MATIC balances seems to be leading the recovery mission.
As seen below, they bought another 11.4 million MATIC tokens worth about $10.5 million between May 16th and May 25th.
Great, the Sentiment the chart above shows how the price of MATIC declined when whales started buying around May 16.
Therefore, if this trend continues, Polygon (MATIC) holders can expect continued price increases in long bull runs.
Large Investors Are Still Watching for a Rendering Signal (RNDR).
Like SingularityNET (AGIX), Rendering (RNDR) first appeared on the mainstream media radar during the AI-hype season back in January 2023.
Like AGIX, Rendering continued to consolidate its gains in early 2023 by making a good start to Q2. It’s no surprise that the RNDR token continues to attract the attention of strategic whale investors.
The chart below shows how crypto whales who have 100,000 to a million RNDR tokens started buying again from May 17th. Between May 17 and May 25, they added 5.9 million RNDR to their wallet balances.
The new value-added tokens are worth approximately $16.7 million at current market prices. Notably, this helped propel RNDR to a new 2023 peak of $2.67 as of May 25, bringing its YTD gains to an impressive 575%.
If these strategic crypto whales continue to buy, RNDR will likely continue its 2023 rally in June 2023.
Crypto whales are critical to the viability of any blockchain ecosystem due to their disproportionately large financial power and the amount of liquidity they provide.
Moreover, retail investors often look to reflect whale trading activity, which increases their influence on the price of the underlying asset.
So, it goes without saying that strategic investors will be watching the aforementioned altcoins as May 2023 draws to a close.
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.
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