Crypto Whales buy these 3 Altcoins

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This month, the potential US debt ceiling crisis loomed over cryptocurrency markets. However, despite the slight contraction, crypto whales bought some altcoins.

Mega Cap Layer-1 coins took a considerable hit as the crypto market capitalization shrunk by 9% in May 2023. In response, Crypto whales appear to be turning to altcoin markets.

On-chain data reveals that whales have been buying cryptocurrencies like AGIX, MATIC, and RNDR recently.

Will this accumulation of whales set the pace for these altcoins to rally before June 2023?

AGIX Whales keeps the AI ​​hype going

SingularityNET (AGIX) first caught the attention of mainstream media during the AI ​​boom fueled by the rise of ChatGPT in early 2023. While most AI tokens that rallied in January 2023 seem to have faded, the same cannot be said for AGIX.

Between May 11 and May 25, whales holding balances of one million to 10 million AGIX tokens have a significant accumulation. The table below shows how they added an additional 7 million AGIX to their balances during this period.

SingularityNET (AGIX) price vs Crypto Whales wallet balances. May 2023. Source: Santiment

At the current market price of $0.26, the newly added tokens are worth nearly $1.82 million. Quite particularly, this cohort of whales represents 65% of AGIX’s total circulating supply.

This suggests that they could almost single-handedly trigger another AGIX price increase if they continue to buy.

Crypto whales regain trust in Polygon (MATIC)

Polygon (MATIC) price got off to a rough start in May 2023, dropping 17% in the first 12 trading days. However, since hitting the recent local low of $0.83 on May 11, MATIC has managed to claw back gains of 7% through May 25.

An increase in DeFi staking and bullish activity from whale investors played a vital role in the recent rally in MATIC prices.

Specifically, the group of whales holding balances of 1-100 million MATIC appear to be leading the recovery mission.

As seen below, they purchased an additional 11.4 million MATIC tokens worth around $10.5 million between May 16 and May 25.

Polygon (MATIC) price against Crypto Whales wallet balances. May 2023. Source: Santiment

Quite remarkably, the Santiment chart above highlights how the MATIC price inflated when the whales started buying around May 16th.

Therefore, if this trend continues, Polygon (MATIC) holders can expect the ongoing price rally to turn into an extended bullish rally.

Big Investors Are Still Watching The Render Token (RNDR)

Similar to SingularityNET (AGIX), Render (RNDR) first appeared on the mainstream media radar during the AI ​​hype season in January 2023.

Like AGIX, Render continued to consolidate its early 2023 gains by making a decent start to the second quarter. It is no surprise that the RNDR token is still attracting the attention of strategic whale investors.

The chart below shows how crypto whales holding 100,000 to 1 million RNDR tokens have started buying again since May 17. Between May 17 and May 25, they added 5.9 million RNDR to their wallet balances.

Rendering Price (RNDR) vs Crypto Whales Wallet Balances. April 2023. Source: Santiment

The newly added tokens are worth around $16.7 million at current market prices. This notably helped propel the RNDR to a new 2023 high of $2.67 as of May 25, taking its year-to-date gains to a remarkable 575%.

If these strategic crypto whales continue to buy, the RNDR will likely continue its 2023 rally into June 2023.

Crypto whales are essential to the viability of any blockchain ecosystem due to their disproportionate financial power and the volume of liquidity they provide.

Additionally, retail investors often seek to mirror the trading activity of whales, amplifying their impact on the price of the underlying asset.

Therefore, needless to say, strategic investors will keep an eye on the above mentioned altcoins at the end of May 2023.

Disclaimer

In accordance with Project Trust guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reports, but market conditions are subject to change without notice. Always do your own research and consult a professional before making financial decisions.

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