Prominent Crypto Whales Accumulating These Alternative Coins
According to an analysis conducted by Altcoin Buzz, a number of altcoins are currently experiencing significant accumulation by whales, indicating potential bullish trends in the market. Among these altcoins are XRP, Tellor (TRB), Render, Singular, and Fetch.ai (FET).
Ripple’s native cryptocurrency, XRP, has seen a surge in accumulation by whale addresses in the past week. Whale addresses holding between 1 million and 10 million XRP have collectively purchased over 90 million tokens, equivalent to around $48 million. This historical pattern of accumulation by whales has often preceded market recoveries and rallies, suggesting a potential positive trend for XRP.
In addition to whale accumulation, there has also been an increase in retail investor participation, with the number of addresses conducting transactions on the XRP network rising by 28.8% in the past week. This growing optimism among investors could potentially drive further price growth for XRP, which is currently trading at 54 cents and showing signs of potential upward movement.
Another altcoin experiencing bullish trends is Tellor (TRB), a decentralized Oracle Network. Its market capitalization nearly doubled in early May, reaching an impressive $247 million by May 7th. Analysis indicates a significant increase in whale activity surrounding TRB, with a spike in whale transactions and active addresses observed on May 6th.
Despite the possibility of profit-taking amidst this growth, crypto analysts remain optimistic about TRB’s price trajectory. Technical patterns suggest a continuation of the bullish trend, with the formation of higher lows in price action indicating a potential surge of over 35% to over $261.
In addition to XRP and TRB, other altcoins such as Render and Singular have also experienced notable rallies recently. Render has seen a surge of over 50% in just seven days, while Singular and other AI-related coins like Fetch.ai (FET) and DeepBrain Chain (DBC) have gained between 17% and 23%, outperforming the broader crypto market.
These gains in the altcoin market are thought to be driven by developments in the AI sector. Investor enthusiasm surrounding Nvidia’s performance, with the chipmaker set to report first-quarter earnings on May 22nd, suggests a correlation between AI advancements and crypto market dynamics.
Tags: Price Analysis