The crypto market ended its green monthly candle series in May, which it has been continuing since the beginning of the year. The 9% decline in the first 12 days signaled a negative close. The whales that came into play later helped a 3% recovery, accompanied by bulky purchases. Whales are now continuing to track these coins for big profits in June.
Crypto whales collect these coins the most
The positive performance in the altcoin market played a critical role in the revival of the crypto market in the second half of May. Specifically, on-chain data reveals that altcoins like SingularityNET (AGIX), The Graph (GRT) and Quant (QNT) are catching the eye of whales.
Quant (QNT) price had a tough start to May, down 14% in the first 26 days. However, a spike in whale accumulation seems to have spurred a last-minute rally. Specifically, the whale class holding 10,000-100,000 QNT seems to be leading the price recovery mission. As seen below, the whales purchased another 400,000 QNT, worth approximately $46.4 million, between May 23rd.
Quite strikingly, the Santiment chart above shows how the price of Quant started to rise around May 26, just three days after the whales started buying.
Therefore, if this trend continues, Quant (QNT) investors can expect the continued price increase to turn into a protracted bull rally in June.
AGIX whales continue AI trend
Crypto whales are once again jumping on the AI wave. After the AI boom in January 2023, the hype for many tokens waned. However, SingularityNET (AGIX) is leading the second wave of the AI rally.
Crypto whales began receiving AGIX in late April. On-chain data shows they started buying again after a short period of profit making in early May. Between 16 and 31 May, whales holding up to one million to 10 million AGIX accumulated significant. The chart below shows how they added another 24 million AGIX to their balance during this period.
With the current market price of $0.30, the newly added altcoins are worth around $7.2 million. This class of whales has 68% of the total AGIX circulating supply. This share indicates that if they continue to buy, they could almost single-handedly trigger another AGIX price rally.
Crypto whales still watching the Graph (GRT)
Graph (GRT) emerged as one of the top earners in the last week of May. This acceleration was mainly due to its involvement in the artificial intelligence coin industry. Not surprisingly, GRT still attracts strategic whale investors.
Between May 23-31, whales holding 10 million to one billion GRT added 70 million GRT tokens to their wallets. With its current market cap, the new investment from crypto whales is worth about $9.3 million.
Given the hype around AI coins in recent weeks, whales are expected to continue the trend in June. cryptocoin.comAs we reported, David Duong, head of research at Coinbase, talked about the opportunities in this field in his new report.
