Crypto whales, or individuals or organizations that hold a large amount of cryptocurrency, continue to influence the market as they make large-scale trades. Recently, there has been much speculation about the cryptocurrencies that crypto whales are buying, with some analysts suggesting that certain altcoins are becoming increasingly attractive to these large investors.
Here are three altcoins that crypto whales are reportedly buying:
1. Cardano (ADA)
Cardano, often referred to as the “Ethereum of Japan,” is a blockchain platform and cryptocurrency that has been gaining traction among crypto investors. Recently, ADA, Cardano’s native cryptocurrency, has seen a significant increase in both price and trading volume.
According to reports, Cardano’s ability to provide better scalability, security, and interoperability than other blockchain platforms has made it an attractive choice for crypto whales. Additionally, Cardano’s team of developers and advisors, which includes experts from top universities and companies around the world, has instilled confidence in the project.
Crypto whales seem to be accumulating ADA in large quantities, with some analysts suggesting that the coin could see continued price growth in the coming months.
2. Polkadot (DOT)
Polkadot is a next-generation blockchain protocol that allows different blockchains to communicate with each other. The platform’s unique architecture makes it possible to build decentralized applications that can interact with multiple blockchains at once.
Like Cardano, Polkadot has been gaining popularity among crypto investors for its ability to provide better scalability and interoperability. In addition, Polkadot’s team of developers, which includes Ethereum co-founder Gavin Wood, has helped to solidify the project’s reputation.
Crypto whales are reportedly buying DOT in large quantities, with some analysts suggesting that the coin could see significant price growth in the coming months.
3. Chainlink (LINK)
Chainlink is a decentralized oracle network that allows smart contracts to securely access external data sources, APIs, and payment systems. The platform’s innovative technology has made it a popular choice among blockchain developers and fintech companies.
Crypto whales are reportedly buying LINK in large quantities, with some analysts suggesting that the coin could see significant price growth in the coming months. Chainlink’s ability to provide reliable and tamper-proof data feeds has made it an attractive choice for projects that require trust in a decentralized system.
In addition, Chainlink’s team of developers, which includes experienced entrepreneurs and software engineers, has helped to instill confidence in the platform.
Conclusion
Crypto whales continue to have a significant impact on the cryptocurrency market, and their trading patterns can provide valuable insights for investors. While the cryptocurrencies that they are buying can change rapidly, it seems that Cardano, Polkadot, and Chainlink are currently among the most attractive options.
Investors should keep an eye on these altcoins and consider them as potential investment opportunities. However, as with any investment, it is important to conduct thorough research and exercise caution before making any decisions.
The potential US debt crisis has been looming over the cryptocurrency markets this month, resulting in a mild contraction. However, despite this contraction, crypto whales have been buying up certain altcoins, keeping the market afloat.
Mega Cap Layer-1 coins have taken a considerable hit as the crypto market cap shrunk by 9% in May 2023. In response, crypto whales appear to be switching attention to the altcoin markets. On-chain data reveals that these whales have been buying up cryptocurrencies like AGIX, MATIC, and RNDR.
SingularityNET (AGIX) first attracted mainstream media attention during the AI boom fueled by the rise of ChatGPT in early 2023. While most AI tokens that rallied in January 2023 appear to have faded, the same cannot be said of AGIX. Between May 11 and May 25, whales holding balances of one million to 10 million AGIX tokens have accumulated about 7 million AGIX. At the current market price of $0.26, the newly-added tokens are worth nearly $1.82 million. This cohort of whales accounts for 65% of the total AGIX circulating supply, suggesting that they could almost single-handedly trigger another AGIX price increase if they continue buying.
Polygon (MATIC) price had a tough start to May 2023, with a 17% drop in the first 12 trading days. However, since hitting the recent local bottom of $0.83 on May 11, MATIC has managed to claw back 7% gains as of May 25. An increase in DeFi staking and bullish activity from whale investors have played a critical role in the recent MATIC price recovery. Specifically, the cluster of whales holding balances of 1 million to 100 million MATIC appears to be leading the recovery mission. They bought another 11.4 million MATIC tokens worth approximately $10.5 million between May 16 and May 25. If this trend continues, Polygon (MATIC) holders can expect the ongoing price upswing to evolve into a prolonged bull rally.
Render (RNDR) first emerged on the mainstream media’s radar during the AI-hype season back in January 2023. Like AGIX, Render has continued to consolidate its early 2023 gains by making a decent start to Q2. The chart below shows how crypto whales holding 100,000 to one million RNDR tokens have started buying again since May 17. Between May 17 and May 25, they added 5.9 million RNDR to their wallet balances. The newly-added tokens are worth approximately $16.7 million at the current market prices. If these strategic crypto whales keep buying, RNDR will likely continue its 2023 rally in June 2023.
Crypto whales are critical to the viability of any blockchain ecosystem due to their disproportionately huge financial power and the volume of liquidity that they provide. Moreso, retail investors often mirror the whales’ trading activity, amplifying their impact on the underlying asset’s price. Hence, it’s needless to say that strategic investors will be keeping an eye on the altcoins mentioned above as May 2023 draws to an end.
In conclusion, while the potential US debt crisis has loomed over the cryptocurrency markets, crypto whales have been buying up certain altcoins, keeping the market stable. The whales’ interest in AGIX, MATIC, and RNDR has triggered an accumulation of tokens, propelling them to new heights. As May 2023 draws to an end, it will be interesting to see if this trend continues, setting the pace for these altcoins to rally ahead of June 2023.
