Which Altcoins Are Crypto Whales Betting on in June 2023?

Please fol­low and like us:
Pin Share

The cryp­to mar­ket start­ed May neg­a­tive­ly with a 9% cor­rec­tion in the first 12 days. How­ev­er, thanks to the intense whale activ­i­ty in the alt­coin mar­ket, the glob­al cryp­to mar­ket cap­i­tal­iza­tion man­aged to regain 3% before the close of the month.   

The pos­i­tive per­for­mance in the alt­coin mar­ket played a crit­i­cal role in the cryp­to mar­ket resur­gence in the sec­ond half of May.  Specif­i­cal­ly, on-chain data reveals that cryp­tocur­ren­cies like Sin­gu­lar­i­tyNET (AGIX), The Graph (GRT), and Quant (QNT) have attract­ed whale attention. 

Con­sid­er­ing the bull­ish sen­ti­ment sur­round­ing the cryp­to AI space, it appears that large insti­tu­tion­al investors have start­ed to buy in on the AI hype once again. Unsur­pris­ing­ly, two AI-relat­ed projects emerged among the top gain­ers in the last week of May.

Will this whale accu­mu­la­tion fren­zy set the pace for these alt­coins to ral­ly ahead of June?

Crypto Whales are Regaining Confidence in Quant

Quant (QNT) price had a tough start to May with a 14% drop in the first 26 days. How­ev­er, a sud­den spike in whale accu­mu­la­tion appears to have spurred a last-minute rally. 

Specif­i­cal­ly, the clus­ter of whales hold­ing bal­ances of 10,000 to 100,000 QNT appears to be lead­ing the price recov­ery mission.

As seen below, they bought anoth­er 400,000 QNT tokens worth approx­i­mate­ly $46.4 mil­lion between May 23 and May 31.

Quant (QNT) Crypto Whales Wallet Balances. June 2023
Quant (QNT) Cryp­to Whales Wal­let Bal­ances. June 2023. Source: San­ti­ment

Quite remark­ably, the San­ti­ment chart above high­lights how Quant price began to rise around May 26, just three days after the whales start­ed buying.

Hence, if this trend con­tin­ues, Quant (QNT) hold­ers can expect the ongo­ing price upswing to evolve into a pro­longed bull ral­ly in June. 

AGIX Whales are Keeping the AI Hype Going 

Cryp­to whales are hop­ping on the AI wave once again. After the AI boom in Jan­u­ary 2023, the hype fad­ed for many tokens. How­ev­er, Sin­gu­lar­i­tyNET (AGIX) appears to be lead­ing the sec­ond wave of the AI rally. 

Cryp­to whales began to buy AGIX around late April. On-chain data shows that after a brief spell of prof­it-tak­ing in ear­ly May, they have start­ed buy­ing again. 

Between May 16 and May 31, whales hold­ing bal­ances of one mil­lion to 10 mil­lion AGIX tokens have made sig­nif­i­cant accu­mu­la­tion. The chart below shows how they added anoth­er 24 mil­lion AGIX to their bal­ances dur­ing that period. 

Singularity (AGIX)- Whales Wallet Balances. May 2023
Sin­gu­lar­i­ty (AGIX)- Whales Wal­let Bal­ances. May 2023. Source: San­ti­ment

At the cur­rent mar­ket price of $0.30, the new­ly-added tokens are worth near­ly $7.2 mil­lion. Quite notably, this cohort of whales accounts for 68% of the total AGIX cir­cu­lat­ing supply. 

This sug­gests that they could almost sin­gle-hand­ed­ly trig­ger anoth­er AGIX price ral­ly if they con­tin­ue buying. 

Large Investors Are Still Eyeing The Graph (GRT) Token 

The Graph is anoth­er AI-relat­ed token that emerged as one of the top gain­ers in the last week of May. Unsur­pris­ing­ly, the GRT token is still also the atten­tion of strate­gic whale investors. 

Between May 23 and May 31, cryp­to whales hold­ing bal­ances of 10 mil­lion to one bil­lion GRT tokens added 70 mil­lion GRT tokens to their holdings. 

The Graph (GRT)  Price Prediction, May 2023 -  Whales Wallet Balances.
The Graph (GRT)  Price Pre­dic­tion, May 2023 –  Whales Wal­let Bal­ances. Source: San­ti­ment

At the cur­rent mar­ket val­ue, the new invest­ment made by the cryp­to whales is worth approx­i­mate­ly $9.3 million. 

Con­sid­er­ing the buzz around AI tokens in recent weeks, GRT could enter a pro­longed ral­ly if the whales keep buy­ing in June. 

More­so, cryp­to whales wield sig­nif­i­cant influ­ence in the blockchain ecosys­tem.  Due to their vast finan­cial pow­er and the vol­ume of liq­uid­i­ty that they pro­vide, they can sig­nif­i­cant­ly impact the price prospects of these assets. 

Hence, it’s need­less to say that strate­gic investors will watch out for these alt­coins in June.

Disclaimer

In line with the Trust Project guide­lines, this price analy­sis arti­cle is for infor­ma­tion­al pur­pos­es only and should not be con­sid­ered finan­cial or invest­ment advice. BeIn­Cryp­to is com­mit­ted to accu­rate, unbi­ased report­ing, but mar­ket con­di­tions are sub­ject to change with­out notice. Always con­duct your own research and con­sult with a pro­fes­sion­al before mak­ing any finan­cial decisions.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *