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.
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.
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.
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.
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.