A possible US debt ceiling crisis has loomed large in the cryptocurrency market this month. But despite the slow contraction, crypto whales are buying up certain altcoins.
Megacapped Layer 1 coins have taken a big hit as the cryptocurrency market cap shrank by 9% in May 2023. In response, crypto whales appear to be switching their attention to the altcoin market.
On-chain data reveals that whales have recently been hoarding cryptocurrencies such as AGIX, MATIC, and RNDR.
Will this whale buildup set the pace for these altcoins to rise ahead of June 2023?
AGIX whales continue to promote AI
SingularityNET (AGIX) first caught mainstream media attention during the AI boom fueled by the rise of ChatGPT in early 2023. While most of the AI tokens that rose in January 2023 appear to have disappeared, the same cannot be said for AGIX.
Between May 11th and May 25th, whales with balances of AGIX tokens between 1 million and 10 million have seen significant accumulation. The graph below shows how we added another 7 million AGIX to our balance during that period.
At the current market price of $0.26, the newly added token is worth approximately $1.82 million. Quite notably, this whale population accounts for 65% of the total circulating supply of AGIX.
This suggests that they could almost single-handedly trigger further AGIX price increases if they continue to buy.
Crypto whales are regaining faith in polygons (MATIC)
Porygon (MATIC) price got off to a rough start to May 2023, dropping 17% in the first 12 trading days. However, since hitting a recent local low of $0.83 on May 11, MATIC has managed to recover its 7% gain as of May 25.
Increased DeFi staking and bullish activity by whale investors have played a key role in the recent MATIC price recovery.
Specifically, a pod of whales with balances between 1 million and 100 million MATIC appears to be leading the recovery mission.
As seen below, between May 16th and May 25th, they purchased an additional 11.4 million MATIC tokens worth approximately $10.5 million.
Most notably, Santimento The chart above shows how the MATIC price rose when whales started buying around May 16th.
Therefore, if this trend continues, Polygon (MATIC) holders can expect continued price gains to develop into a prolonged bull market.
Large Investors Still Focus on Lender (RNDR) Token
Like SingularityNET (AGIX), Render (RNDR) first captured mainstream media attention during the AI hype season in January 2023.
Like AGIX, Render continues to solidify its earnings in early 2023 with a decent start to Q2. It should come as no surprise that the RNDR token is still attracting the attention of strategic whale investors.
The graph below shows how crypto whales holding between 100,000 and 1 million RNDR tokens started buying again after May 17th. Between May 17th and May 25th, they added 5.9 million RNDR to their wallet balance.
The newly added token is worth approximately $16.7 million at the current market price. Notably, this helped push the RNDR to a new 2023 peak of $2.67 as of May 25, an impressive year-to-date gain of 575%.
RNDR is likely to continue its 2023 rally in June 2023 if these strategic crypto whales continue to buy.
Crypto Whales are critical to the continued existence of the blockchain ecosystem due to their disproportionately large funding pool and the amount of liquidity they provide.
In addition, retail investors often seek to mirror whale trading activity, amplifying the price impact of the underlying asset.
So, it goes without saying that strategic investors are eyeing the above altcoins as May 2023 draws to a close.
In accordance with Trust Project guidelines, this pricing analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives for accurate and fair reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.