This month, a potential US debt ceiling crisis looms large over the crypto markets. However, despite the mild contraction, crypto whales are buying some altcoins.
Mega cap layer-1 coins have taken a huge hit as the crypto market cap is set to decrease by 9% in May 2023. In response, crypto whales are focusing on the altcoin markets.
On-chain data shows that whales have been buying cryptocurrencies like AGIX, MATIC, and RNDR recently.
Will this whale accumulation set the pace for a rally in these altcoins before June 2023?
AGIX whales continue the AI hype
SingularityNET (AGIX) first attracted mainstream media attention in early 2023 during the AI boom fueled by the rise of ChatGPT. While most AI tokens that rallied in January 2023 seem to have faded, the same cannot be said about AGIX.
Between May 11 and May 25, there was some significant accumulation among whales holding between one million and 10 million AGIX tokens. The chart below shows how he added another 7 million AGIX to his balance during that period.
At the current market price of $0.26, the newly added coin is worth approximately $1.82 million. Notably, this group of whales accounts for 65% of the total AGIX circulating supply.
This suggests that they could almost single-handedly trigger another AGIX price move if they continue to buy.
Crypto whales are gaining trust in Polygon (MATIC)
Polygon (MATIC) price has had a tough May 2023, down 17% in the first 12 trading days. However, since hitting a recent local low of $0.83 on May 11, MATIC has managed to gain 7% as of May 25.
The rise in DeFi staking and bullish activity from whale investors have played a significant role in the recent Matic price recovery.
In particular, a group of whales with a balance of 1 million to 100 million MATIC appears to be leading the recovery mission.
As seen below, he bought 11.4 million MATIC tokens worth approximately $10.5 million between May 16th and May 25th.
quite remarkable, Emotion The chart above highlights how the price of MATIC soared when whales started buying around May 16.
Therefore, if this trend continues, Polygon (MATIC) holders can expect the ongoing price to develop into a bullish long rally.
Large Investors Still Eyeing the Rendr (RNDR) Token
Similar to SingularityNet (AGIX), Render (RNDR) first emerged on the mainstream media’s radar in January 2023 during AI-hype season.
Like AGIX, Render continues to consolidate early 2023 gains by getting off to a good start in Q2. It is no wonder that the RNDR token is still attracting the attention of strategic whale investors.
The chart below shows that crypto whales holding 100,000 to one million RNDR tokens have started buying again since May 17. Between May 17 and May 25, he added RNDR 5.9 million to his wallet balance.
The newly added token is valued at approximately $16.7 million at current market prices. Notably, this has contributed to pushing RNDR to a new 2023 peak of $2.67 by May 25, bringing its YTD gains to 575%.
If these strategic crypto whales continue to buy, RNDR will likely continue its 2023 rally into June 2023.
Crypto whales are vital to the viability of any blockchain ecosystem because of their immense financial power and the amount of liquidity they provide.
Moreso, retail investors often look to mirror the trading activity of whales, increasing their influence on the price of the underlying asset.
Hence, it goes without saying that strategic investors will be keeping an eye on the above mentioned altcoins as May 2023 expires.
disclaimer
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, unbiased reporting, but market conditions are subject to change without notice. Always do your research and seek professional advice before making any financial decisions.