Bitrabo Editorial
Despite the current uncertainty surrounding the US debt ceiling crisis and the 9% contraction in the crypto market cap in May 2023, crypto whales have been strategically buying certain altcoins.
As a result, mega-cap Layer-1 coins seem to be taking a considerable hit, while crypto whales shift their focus to the altcoin market. On-chain data shows that crypto whales have recently been accumulating cryptocurrencies like AGIX, MATIC, and RNDR.
The big question is, will this whale accumulation set the stage for these altcoins to rally ahead of June 2023?
AGIX Whales Are Keeping the AI Hype Going
SingularityNET (AGIX) gained traction during the AI boom in early 2023, thanks to the rise of ChatGPT. While most AI tokens that rallied in January 2023 have faded, this is not the case for AGIX. Between May 11 and May 25, whales holding between one million to 10 million AGIX tokens accumulated another seven million AGIX. The chart indicates that this cohort of whales accounts for 65% of the total AGIX circulating supply, suggesting that they could be responsible for a price increase if they continue buying.
Crypto Whales are Regaining Confidence in Polygon (MATIC)
Polygon (MATIC) price took a hit at the beginning of May 2023, with a 17% loss in the first 12 trading days. However, since hitting a local bottom of $0.83 on May 11, MATIC has made 7% gains as of May 25. On the Santiment chart below, the cluster of whales holding between one million to 100 million MATIC seems to be spearheading the recent rally. Between May 16 and May 25, they bought another 11.4 million MATIC, worth approximately $10.5 million. If this trend persists, MATIC holders can expect an extended bull run.
Large Investors Are Still Eyeing Render (RNDR) Token
Render (RNDR) emerged during the AI hype season in January 2023 and had an impressive Q1. Whale investors seem to still have an interest in this token since May 17. The chart shows that crypto whales now holding between 100,000 to one million RNDR tokens began buying again. Between May 17 and May 25, they added 5.9 million RNDR to their wallet balances, approximately $16.7 million, bringing RNDR to a new peak of $2.67. If these strategic investors keep buying, RNDR will likely continue its 2023 rally in June.
Crypto Whales are crucial to the survival of any blockchain ecosystem due to their enormous financial power and impressive liquidity. Furthermore, retail investors often follow in their trading footsteps, amplifying their influence on the underlying asset’s value. As May 2023 winds down, strategic investors will be keeping tabs on the altcoins mentioned above.
Disclaimer
This price analysis article is for informational purposes only and should not be considered financial or investment advice. Bitrabo provides accurate and unbiased reporting; however, market conditions may change without notice. Always consult with a professional and conduct your research before making any financial decisions.