This month, the potential US debt ceiling crisis has loomed over the cryptocurrency markets. However, despite the mild contraction, crypto whales have been buying up certain altcoins.
Mega Cap Layer-1 coins have taken a considerable hit as the crypto market cap shrunk by 9% in May 2023. In response, Crypto whales appear to be switching attention to the altcoin markets.
On-chain data reveals that whales have recently been buying up cryptocurrencies like AGIX, MATIC, and RNDR.
Will this whale accumulation set the pace for these altcoins to rally ahead of June 2023?
AGIX Whales Are Keeping the AI Hype Going
SingularityNET (AGIX) first attracted mainstream media attention during the AI boom fuelled by the rise of ChatGPT in early 2023. While most AI tokens that rallied in January 2023 appear to have faded, the same cannot be said of AGIX.
Between May 11 and May 25, whales holding balances of one million to 10 million AGIX tokens have some significant accumulation. The chart below shows how they added another 7 million AGIX to their balances during that period.
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At the current market price of $0.26, the newly-added tokens are worth nearly $1.82 million. Quite notably, this cohort of whales accounts for 65% of the total AGIX circulating supply.
This suggests that they could almost single-handedly trigger another AGIX price increase if they continue buying.
Crypto Whales are Regaining Confidence in Polygon (MATIC)
Polygon (MATIC) price had a tough start to May 2023, with a 17% drop in the first 12 trading days. However, since hitting the recent local bottom of $0.83 on May 11, MATIC has managed to claw back 7% gains as of May 25.
An increase in DeFi staking and bullish activity from whale investors have played a critical role in the recent MATIC price recovery.
Specifically, the cluster of whales holding balances of 1 million to 100 million MATIC appears to be leading the recovery mission.
As seen below, they bought another 11.4 million MATIC tokens worth approximately $10.5 million between May 16 and May 25.
Quite remarkably, the Santiment chart above highlights how MATIC price pumped when whales started buying around May 16.
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Hence, if this trend continues, Polygon (MATIC) holders can expect the ongoing price upswing to evolve into a prolonged bull rally.
Large Investors Are Still Eyeing Render (RNDR) Token
Similar to SingularityNET (AGIX), Render (RNDR) first emerged on the mainstream media’s radar during the AI-hype season back in January 2023.
Like AGIX, Render has continued to consolidate its early 2023 gains by making a decent start to Q2. 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 one 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.
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The newly-added tokens are worth approximately $16.7 million at the current market prices. Notably, this has contributed to propelling RNDR to a new 2023 peak of $2.67 as of May 25, bringing its YTD gains to a remarkable 575%
If these strategic crypto whales keep buying, 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 huge financial power and the volume of liquidity that they provide.
Moreso, retail investors often look to mirror the whales’ trading activity, amplifying their impact on the underlying asset’s price.
Hence, it’s needless to say that strategic investors will be keeping an eye on the altcoins mentioned above as May 2023 draws to an end.
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Disclaimer
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