The altcoin market has been plagued by the US debt ceiling crisis throughout May. The controversy that concluded today has drawn buyers back into the market. Throughout the process, whales were following new blockchain trends, especially technology trends.
Whales collect these altcoins in May
On-chain data shows that major investors bought altcoins like AGIX, MATIC and RNDR throughout May. SingularityNET (AGIX), in particular, first gained mainstream media attention in early 2023, during the artificial intelligence rally driven by the ChatGPT boom.
While it disappears from most projects rising in January 2023, this is not the case for AGIX. From 11 to 25 May, whales holding between 1 and 10 million AGIX continued to accumulate. The chart below shows that whales collected another 7 million AGIX at that time.
With AGIX’s current market price of $0.26, the total accumulation of whales is worth approximately $1.82 million. Specifically, this group of whales controls 65% of the total circulating AGIX supply.
Listed in Polygon (MATIC)
MATIC price made a tough start to May. It lost 17% in the first 12 trading days of the month. It then had the opportunity to recover around 7% over the past week. The increase in DeFi staking and bullish activity from whale investors played a key role in the recent price recovery.
Specifically, a group of whales leads the rescue mission with balances ranging from 1 million to 100 million MATIC. As seen below, they purchased 11.4 million MATIC tokens worth approximately $10.5 million between May 16-25.
Meanwhile, Sentiment’s chart above highlights that MATIC price went up when whales started buying around May 16. Therefore, if this trend continues, MATIC bulls can expect higher levels.
Render Token (RNDR), the new hunt for altcoin whales
Like SingularityNET (AGIX), Render (RNDR) first started gaining traction in the AI season in January 2023. Like AGIX, Render continues to consolidate its gains in early 2023 with a strong start to Q2. Not surprisingly, RNDR continues to attract strategic whale investors.
The chart below shows that crypto whales holding 100,000 to 1 million RNDR tokens have started buying since May 17.
The last purchases of the whales were worth approximately $16.7 million at current market prices. Notably, this helped the RNDR climb to a new 2023 high of $2.67 by May 25. Thus, it has achieved a remarkable 575% gain since the beginning of the year.
In the meantime, let’s mention that the latest acceleration in the artificial intelligence market is related to Nvidia’s first quarter report. The leading chip maker has highlighted the demand for artificial intelligence. cryptocoin.comAs you follow, the news had an immediate impact on the AI Coin market.
XRP gains a lot of attention among whales
On-chain analyst Ali Martinez emphasized in his latest analysis that whales are accumulating massive XRP. In the post, the analyst said that this means whales are waiting for the altcoin to rise.
Martinez cites some data collected by Santiment. He points out that whales have purchased more than 52 million XRP in the last three weeks alone. The total value of the purchased XRP was approximately $22.9 million.
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