Cryptocurrency Whales Bet on AI Altcoins for Potential Profits in June 2023

The cryptocurrency market began May with a negative mood, arranging a 9% correction in the first 12 days of the month. However, thanks to active whales in the altcoin market, the capitalization of the global cryptocurrency market was able to recover by 3% before the close of the month.

The positive dynamics in the altcoin market played a decisive role in the recovery of the crypto market in the second half of May. In particular, on-chain data shows that cryptocurrencies such as SingularityNET (AGIX), The Graph (GRT) and Quant (QNT) have attracted the attention of whales.

Given the bullishness surrounding the AI ​​token segment, it looks like large institutional investors have started to buy into the artificial intelligence (AI) hype again. Not surprisingly, in the last week of May, two AI-related projects were among the leaders in growth. Will this accumulation of whales set the pace for these altcoins to rally in June?

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Whales regain faith in Quant

The beginning of May was not easy for Quant (QNT): in the first 26 days, the price of the token fell by 14%. However, a sudden spike in whale accumulation appears to have spurred the rally at the last minute.

At the same time, it seems that this mission to restore prices headed a group of large investors with a balance of 10,000 to 100,000 QNT:

Quite notably, the Santiment chart shows Quant’s price starting to rise around May 26th, just three days after the whales started buying coins.

Accordingly, if this trend continues, Quant (QNT) holders can hope that the ongoing price advance will turn into a prolonged bull run in June.

Read also: How to make $10,000 per month on neural networks: 13 ways to monetize AI

AGIX whales fuel the AI ​​hype

Cryptowhales are riding the AI ​​wave again. After the boom in January 2023, the hype around many tokens died down. However SingularityNET (AGIX) appears to be at the forefront of the second wave of the AI ​​rally.

Cryptokitties started buying AGIX around the end of April. On-chain metrics showthat after a short period of profit taking in early May, the big players started buying again.

Between May 16 and May 31, whales with a balance of 1 million to 10 million AGIX tokens significantly increased their reserves. The chart below shows how they added another 24 million AGIX coins to their balances during this period.

At the current market price of $0.30, the value of the tokens added to these reserves is almost $7.2 million. Notably, this cohort of whales accounts for 68% of the total AGIX circulating supply.

This suggests that if they continue to buy, they could almost single-handedly trigger another AGIX rally.

Large investors are still eyeing Graph (GRT)

The Graph (GRT) is a cryptocurrency of the protocol of the same name for querying and indexing data from public blockchains. The GRT token powers this decentralized indexing protocol. This artificial intelligence-related token also became one of the leaders of growth in the last week of May.

Not surprisingly, GRT continues to attract the attention of strategic whale investors. Between May 23 and May 31, players holding balances between 10 million and 1 billion GRT tokens will added to its reserves of another 70 million coins:

At current market value, new investments made by crypto whales are worth roughly $9.3 million. Given the buzz around AI tokens in recent weeks, GRT could see a sustained rally if whales continue buying into June.

We must not forget that these market participants have significant influence in the blockchain ecosystem. Due to their enormous financial strength and the amount of liquidity they provide, they can significantly influence the price outlook.

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