The May trajectory of the cryptocurrency market was surrounded by discussions of the US debt ceiling crisis. Despite the 9% drop in overall market cap over the month, crypto whales continue to collect certain altcoins.
Crypto whales collect these 3 altcoins this week
On-chain data reveals that whales have recently bought altcoins such as AGIX, MATIC and RNDR. SingularityNET (AGIX), in particular, first gained mainstream media attention during the AI boom fueled by the rise of ChatGPT in early 2023.
According to the data, between May 11-25, there is a significant accumulation of whales holding between 1 and 10 million AGIX. The chart below shows how they added another 7 million AGIX to their balance during this period.
AGIX price is currently trading in the $0.275664 region, where it is up 7.5% on the day. The whales collected approximately $1.82 million worth of AGIX during the month. This class of whales currently has 65% of the circulating AGIX supply.
cryptocoin.comAs you follow, the increasing interest in the artificial intelligence coin market, especially AGIX, emerged with the statements included in Nvidia’s first quarter report.
MATIC gains trust among whales
Polygon (MATIC) price was down 17% in the first 12 trading days of the month. However, it has managed to retrace most of its losses since breaking the $0.83 resistance on May 11. The increase and bullish activity in Whales DeFi staking played a critical role in the recent MATIC price recovery.
Specifically, a class of whales holding between 1 and 100 million MATICs was leading the rescue mission. As seen below, they purchased MATIC worth approximately $10.5 million between May 16-25. This shows that approximately 11.4 million MATICs flowed into whale wallets.
What is really striking in the Santiment chart above is how the MATIC price increased when whales started buying around May 16. So, if this trend continues, Polygon (MATIC) investors can expect the continued price increase to turn into a protracted bull rally.
Altcoin whales still chasing Render (RNDR)
Similar to SingularityNET (AGIX), Render (RNDR) first entered mainstream media’s radar in January 2023. Like AGIX, Render continued to consolidate its early 2023 gains in the second quarter at the same pace. So it’s no surprise that RNDR still attracts strategic whale investors.
The chart below shows that whales holding 100,000 to one million RNDRs started buying again after May 17. Between May 17 and May 25, they added 5.9 million RNDR to their wallet balances.
The newly added altcoins are worth approximately $16.7 million at current market prices. Notably, this has contributed to pushing the RNDR to a new 2023 high of $2.67 as of May 25. It also brought YTD earnings to a notable 575%.
