Crypto markets had a lukewarm start to May amid news that the US debt ceiling problems would spread to global capital markets. Despite the gloomy weather in the market, crypto whales have taken a bullish position on some altcoins. Crypto whales have been making strategic investments in cryptocurrencies like Arbitrum, HEX and MASK in recent weeks. Based on historical trends, these altcoins are poised to make big gains in May 2023. Here are the details…
Arbitrum whales benefit from decline
Between April 14 and May 11, the Arbitrum (ARB) price fell 35 percent. But interestingly, the whales acted differently. Because whales with a balance of one to 10 million ARB tokens continued to buy from the bottom. The chart below shows that they added 158 million ARBs to their wallets between April 13 and May 16. Based on the current market price of $1.20, the newly added tokens are worth approximately $190 million. This accumulation frenzy among whales could be an important precursor for Abritrum prices to rise in May.
Crypto whales take their place for the next HEX rally
On the other hand, before the 40 percent price correction in May, the HEX token was in the attention of investors. HEX continued to attract investment from a strategic group of crypto whales. On-chain data reveals that the crypto whale holding between one million and 100 million coins is already in position for another HEX bull rally in May 2023. The Santiment chart below shows that between May 5 and May 16, they added 13 million more tokens worth approximately $400 million to their balance.
Quite remarkably, the whales continued to receive HEX even this past week. The reason this is interesting is because the HEX price has retraced 50 percent in the process. According to experts, if this trend continues, HEX holders will expect a significant price increase in the coming days.
Big investors’ eyes are on MASK
Mask Network is a Blockchain protocol that allows users to send encrypted messages via Twitter and Facebook. Essentially, it acts as a bridge by adding a decentralized network layer that runs above the traditional internet. cryptocoin.com As we have also reported, Mask Network’s native MASK token attracted attention. MASK has been another altcoin that has been on the radar of major institutional crypto investors in recent weeks. The MASK price has dropped by 15 percent in May. But the crypto whales have maintained their confidence in their future price prospects.
The chart below shows how crypto whales holding 100,000 to 1 million MASK have accumulated an additional 1.41 million tokens since May 7. Based on its current market cap of $3.9, the newly added tokens are worth over $5.5 million. If this strategic cluster of crypto whales continues its accumulation spree, MASK is likely to rally.
Whales are big investors holding at least $100,000 in a particular cryptocurrency. Due to their disproportionately large financial strength, trading patterns can significantly affect the price of an asset. Therefore, it is important for strategic investors to follow the buying/selling patterns of whales as May 2023 approaches.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.