The total value of cryptocurrencies dropped by 9% in May, with numerous altcoins experiencing greater losses. The upward trend that began in January and brought higher peaks for four consecutive months found an exception in May. Starting from May 1, a wave of sales caused Bitcoin to dip below $27,000 as of today. However, the ‘crypto whales’ don’t appear to be as pessimistic.
Future of AGIX Coin
SingularityNET (AGIX) earned the support of crypto investors this year, fueled by the hype around the artificial intelligence chatbot, GPT. While most AI tokens that started surging in January 2023 seem to be on a downtrend, AGIX on the Binance exchange doesn’t seem to be significantly weakened.
Between May 11 and May 25, ‘whales’ holding between 1 and 10 million AGIX coins continued to buy. The purchases made during this period exceeded 7 million, representing approximately $1.82 million at current prices. These purchases amidst a falling market may reflect the whales’ expectations about the future of AGIX Coin.
MATIC Coin Whales
The popular altcoin had a rough time in May, moving away from the strong stance of the second half of the last year. Nevertheless, since reaching a low of $0.83 on May 11, the popular altcoin has seen an increase of about 7%. Whales with a balance of between 1 million and 100 million MATIC collected 11.4 million MATIC between May 16 and May 25.
This strong demand from whales could set the stage for more significant price increases if it continues.
Future of Render (RNDR) Coin
Earlier this year, the team initiated a strategy to increase the token’s value, which we announced at the last minute back then. Since then, the price of RNDR Token has made significant gains. Despite the market downturn in May, whales collected a total of 5.9 million tokens between May 17 and May 25, possibly betting on the success of these efforts.
Despite its weak liquidity in the market, RNDR Coin, which has achieved an annual return of 575%, continues to maintain its strong stance with the interest it receives.
The notable point concerning these three altcoins is the attention they are receiving while cash dries up in the markets. Whales are probably gathering altcoins they expect to increase in price in the medium term. The macro-environment risks and the problems in crypto are thus not really bothering them.
However, it’s worth noting that whales can also apply incorrect strategies. It would be in the best interest of investors to conduct research according to their risk profiles and make their decisions individually.
