This month, the potential US debt ceiling crisis has hit the crypto market. However, despite the panic, the whales are still actively buying certain altcoins.
Layer-1 coins have been significantly impacted as the crypto market cap fell 9% in May 2023. Accordingly, crypto whales appear to be turning their attention to mid-cap altcoins. and smaller.
On-chain data shows whales have recently purchased cryptocurrencies such as AGIX, MATIC, and RNDR.
Can whale accumulation catalyze a recovery for these altcoins before June 2023?
AGIX WHICH IS SUSTAINABLE THE FUCKING AI
SingularityNET (AGIX) first gained mainstream media attention during the AI boom fueled by the rise of ChatGPT in early 2023. While most AI tokens have plummeted at the time. At present, the same is not happening with AGIX.
From May 11 to May 25, the group of whales holding between 1 million and 10 million AGIX accumulated a significant number of tokens. The chart below shows that this team added 7 million AGIX to its wallet during that time period.
At the current market price of $0.26, the newly added tokens are worth nearly $1.82 million. Notably, this group of whales accounts for 65% of the total circulating supply of AGIX.
This suggests that they can almost trigger an AGIX rally on their own if they continue to buy.
POLYGON (MATIC) IS BACKING THE WHAT’S TRUST
Polygon (MATIC) price has had a rough start to May 2023, with a 17% drop in the first 12 trading days. However, since hitting a recent bottom of $0.83 on May 11, MATIC has managed to regain its 7% gain since May 25.
The increase in DeFi staking and bullish activity from whale investors played a major role in the recent MATIC price rally.
Specifically, shoals of whales holding between 1 million and 100 million MATICs appear to be triggering the recovery.
As per the chart below, this group purchased an additional 11.4 million MATIC worth about $10.5 million between May 16 and May 25.
Quite notably, the Santiment chart above shows how the MATIC price pumped when whales started buying around May 16.
Therefore, if this trend continues, Polygon (MATIC) holders can expect the ongoing bull run to continue.
BIG INVESTORS STILL LOOKING FOR RENDER TOKEN (RNDR)
Similar to SingularityNET (AGIX), Render (RNDR) first caught the attention of the mainstream media during the AI coin craze in January 2023.
Like AGIX, Render has continued to consolidate its early 2023 profits with a good start to Q2. It is not surprising that the RNDR token is still attracting the attention of war whale investors. comb.
The chart below shows that the group of whales holding 100,000 to 1 million RNDR tokens have started buying back since May 17. From May 17 to May 25, they added 5.9 million RNDR to the wallet balance. mine.
The newly added tokens are worth approximately $16.7 million at current market prices. Notably, this helped push the RNDR to a 2023 high of $2.67 on May 25, bringing the year-to-date gain to 575%.
If these crypto whales continue to buy in, RNDR is likely to resume its 2023 bull run into June 2023.
Crypto whales are critical to the viability of any blockchain ecosystem due to their disproportionately huge financial strength and the volume of liquidity they provide.
Furthermore, retail investors often seek to mirror the trading activity of whales, amplifying their impact on the price of the underlying asset.
Therefore, it is certain that strategic investors will keep an eye on the altcoins mentioned above as May 2023 draws to a close.