Theseย 30ย days, theย capacity Unitedย States debt ceiling crisis has loomed over the digitalย currency markets. Nonetheless, regardlessย of the mild contraction, cryptocurrency whales have been buying up certain altcoins.ย
Mega Cap Layer-1 coins have taken a considerable hit as the cryptocurrencyย marketย capitalization shrunk by 9 percent in May 2023. Asย aย result, Cryptocurrency whales seemย to be switching attention to the cryptoย altcoin markets.ย
On-chain data outlines that whales have recently been buying up digitalย currencies like AGIX, MATIC, and RNDR.ย
Will this whale accumulation set the pace for these cryptoย altcoins to rally ahead of June 2023?
AGIX Whales Are Keeping the Artificialย Intelligenceย (AI) Hype Goingย
SingularityNET (AGIX) 1st attracted mainstream media attention during the Artificialย Intelligenceย (AI) boom fuelled by the boost of ChatGPT in early 2023. Althoughย while most Artificialย Intelligenceย (AI) cryptoย tokens that rallied in January 2023 seemย to have faded, the same cannot be stated of AGIX.ย
Betwixt May 11 and May 25, whales holding balances of one Million to 10 Million AGIX cryptoย tokens have some wholeย lotย of accumulation. The chart below shows how they added another 7 Million AGIX to their balances during that period.ย
At theย present marketย value of $0.26, the newly-added cryptoย tokens are worth nearly $1.82 Million. Quite itโsย worthย notingย that, this cohort of whales accounts for 65 percent of the total AGIX circulating supply.ย
This impliesย that they could almost single-handedly trigger another AGIX price increase if they continue buying.ย
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 theย pastย few local bottom of $0.83 on May 11,ย MATIC has managed to claw back 7 percent profits as of May 25.ย
An boostย in Decentralizedย Finance staking and positiveย tendency activity from whale investors have played a critical role in theย pastย few MATIC price recovery.
Inย particular, the cluster of whales holding balances of 1 Million to 100 Million MATIC seemsย to be leading the recovery mission.
As seen below, they purchased another 11.4 Million MATIC cryptoย tokens worth approximately $10.5 Million betwixt May 16 and May 25.
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.ย ย
Large Investors Are Still Eyeing Render (RNDR) Tokenย
Similar to SingularityNET (AGIX), Render (RNDR) 1st resurfaced on the mainstream mediaโs radar during the AI-hype season back in January 2023.ย
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 cryptoย token isย still attracting the attention of strategic whale investors.ย
The chart below shows how cryptocurrency whales holding 100,000 to one Million RNDR cryptoย tokens have started buying onceย more since May 17. Betwixt May 17 and May 25, they added 5.9 Million RNDR to their wallet balances.ย
The newly-added cryptoย tokens are worth approximately $16.7 Million at theย present market prices. Itโsย worthย notingย 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 importantย to the viability of any blockchainย tech ecologicalย system owingย to their disproportionately huge financial power and the volume of liquidity that they provide.
Moreso, retail investors often look to mirror the whalesโ trading activity, amplifying their impact on the underlying assetโs price.ย
Hence, itโs needless toย emphasize that strategic investors will be keeping an eye on the cryptoย altcoins mentioned over as May 2023 draws to an end.
