Crypto Whales Are Now Accumulating These Altcoins This Week

Posted Tuesday, May 30, 2023 by
Sophia Cruz • 2 min read

The cryptocurrency market has been on great momentum since the beginning of the year despite the current crisis in the cryptocurrency market last year. This became evident when Bitcoin reached the price mark of $30,000 bringing crypto whales to buy certain altcoins where they see a potential for a great return.

In addition, this month the Mega Cap Layer-1 altcoins have taken a hit as the crypto market went down by 9%, and due to this, the whales seem to be switching their attention over to the altcoin markets.

AGIX, MATIC, and RNDR are the altcoins that the whales are currently buying. Let’s dig deep if this whale accumulation would set the pace for these altcoins to rally ahead next month.

Render (RNDR)

Render is a blockchain-powered venture that aims to focus on building a decentralized Graphic Processing Items (GPU) community and cloud computing nodes, permitting customers to render high-quality photos a lot faster and more affordable.

The high demand for HD and real-time 3D rendering for gaming and digital is what makes Render become quickly popular. The Render platform offers a neater and quicker answer for individuals and organizations who are seeking to create high-quality photos. 

Render token has gained popularity over the past few months as its price jumped to 35.9%. At this time of writing, RNDR’s price is at $2.55 with a total market cap of $932.5 million. Although at this stage everything is moving averages are in red, experts still believe in long-term bullish for Render token as they forecast a rise to its resistance level.

Polygon (MATIC)

Polygon (MATIC) has been around for quite some time now and has still been offering lots of opportunities for investors. Polygon is an Ethereum layer-2 chain that enables developers to build DeFi apps, gaming platforms, and more. Creating an ecosystem of DeFi applications and integrating Web3 antivirus into its ecosystem, gives the platform a more secure transaction.

Aside from DeFi apps, Polygon also supports NFT. Recently, many high-profile NFT collectors have migrated to the Polygon network. However, some data shows that there has been a drop in most NFT collections in terms of volume, transactions, and active wallets. 

Nevertheless, Polygon doesn’t fully rely on NFTs alone to boost its network. In fact, Polygon has been making waves with its revolutionary Supernets v0.9 release. This milestone would make Polygon Supernets closer to realizing their vision of creating a “Super network” that embodies exceptional scalability and sovereignty.

The current price of MATIC is at $0.907 with a total market cap of $8.4 billion hitting the 9th place in the charts.

SingularityNET (AGIX)

SingularityNet had mainstream media attention during the AI hype fuelled by the popularity of ChatGPT early this year. While most AI tokens that rallied during January appeared to have faded, AGIX stands still.

While the global crypto market cap has pulled back to $1.12 trillion, the AI-powered crypto market cap continues to rise. Alongside other AI crypto, SingularityNET has seen a strong surge in its price despite the rest of the crypto market trading sideways. 

For the past week, the whales holding a balance of 1 million to 10 million AGIX tokens have had some significant accumulation. And with AGIX’s current price of $0.30, the newly-added tokens are worth nearly $1.82 million. This suggests that the whales could single-handedly trigger another AGIX price rally if they continue buying the token.

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