Top 3 Altcoins Being Snapped Up by Crypto Whales

Top 3 Altcoins Being Snapped Up by Crypto Whales


Crypto whales are buying up altcoins like AGIX, MATIC, and RNDR, with AGIX whales specifically holding 65% of the total circulating supply, potentially triggering another price increase if the trend continues.

These 30 days, the  capacity United States debt ceiling crisis has loomed over the digital currency markets. Nonetheless, regardless of the mild contraction, cryptocurrency whales have been buying up certain altcoins. 

Mega Cap Layer-1 coins have taken a considerable hit as the cryptocurrency  market capitalization shrunk by 9 percent in May 2023. As a result, Cryptocurrency whales seem to be switching attention to the crypto altcoin markets. 

On-chain data outlines that whales have recently been buying up digital currencies like AGIX, MATIC, and RNDR. 

Will this whale accumulation set the pace for these crypto altcoins to rally ahead of June 2023?

AGIX Whales Are Keeping the Artificial Intelligence (AI) Hype Going 

SingularityNET (AGIX) 1st attracted mainstream media attention during the Artificial Intelligence (AI) boom fuelled by the boost of ChatGPT in early 2023. Although while most Artificial Intelligence (AI) crypto tokens that rallied in January 2023 seem to have faded, the same cannot be stated of AGIX. 

READ NOW
XRP Soars with $2 Billion Investment: Experts Predict Future Price Rise

Betwixt May 11 and May 25, whales holding balances of one Million to 10 Million AGIX crypto tokens have some whole lot of accumulation. The chart below shows how they added another 7 Million AGIX to their balances during that period. 

At the present market value of $0.26, the newly-added crypto tokens are worth nearly $1.82 Million. Quite it’s worth noting that, this cohort of whales accounts for 65 percent of the total AGIX circulating supply. 

This implies that they could almost single-handedly trigger another AGIX price increase if they continue buying. 

Cryptocurrency Whales are Regaining Confidence in Polygon (MATIC)

Polygon (MATIC) price had a tough start to May 2023, with a 17 percent fall in the 1st 12 trading days. Nonetheless, since hitting the past few local bottom of $0.83 on May 11,  MATIC has managed to claw back 7 percent profits as of May 25. 

An boost in Decentralized Finance staking and positive  tendency activity from whale investors have played a critical role in the past few MATIC price recovery.

In particular, the cluster of whales holding balances of 1 Million to 100 Million MATIC seems to be leading the recovery mission.

As seen below, they purchased another 11.4 Million MATIC crypto tokens worth approximately $10.5 Million betwixt May 16 and May 25.

Polygon (MATIC) Price vs. Crypto Whales Wallet Balances
Polygon (MATIC) Price vs. Cryptocurrency Whales Wallet Balances. May 2023. Source: Santiment

Quite remarkably, the Santiment chart over outlines how MATIC price pumped when whales started buying around May 16.

Hence, if this tendency 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) 1st resurfaced 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 profits by making a decent start to Q2. It is no surprise that the RNDR crypto token is still attracting the attention of strategic whale investors. 

The chart below shows how cryptocurrency whales holding 100,000 to one Million RNDR crypto tokens have started buying once more since May 17. Betwixt May 17 and May 25, they added 5.9 Million RNDR to their wallet balances. 

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

The newly-added crypto tokens are worth approximately $16.7 Million at the present market prices. It’s worth noting that, this has contributed to propelling RNDR to a new 2023 peak of $2.67 as of May 25, bringing its YTD profits to a remarkable 575%

If these strategic cryptocurrency whales keep buying, RNDR will likely continue its 2023 rally in June 2023.

Cryptocurrency Whales are important to the viability of any blockchain tech ecological system owing 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 emphasize that strategic investors will be keeping an eye on the crypto altcoins mentioned over as May 2023 draws to an end.

Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend