Top Whale Crypto Buys for May 2023
After a slow start in April, the success of Ethereum’s Shappela upgrade piqued investor interest throughout the crypto industry. As May approaches, crypto whales seem to be taking bullish positions on certain altcoins.
Cryptocurrencies such as Cardano (ADA), Render (RNDR), Chiliz (CHZ) and Litecoin (LTC) have recently attracted significant investment from large institutional investors. If historical trends are anything to go by, these altcoins could be set for bullish price action in May 2023.
Cardano whales double despite recent gains
Cardano started April strong, driving to a new 2023 high of $0.46 on April 18. However, the recent industry-wide contraction saw ADA retreat towards $0.37. On-chain data reveals that crypto whales are already buying the dip to position themselves for another Cardano bull rally in May.
The Santiment chart below shows how the cluster of whales holding 100 million and above units of ADA coins have bought the valley in the past week.
The red line shows that the whales had started buying since the last market dip in mid-March. However, between April 18 and April 27, they intensified their accumulation by adding another 620 million ADA coins.
The newly added ADA coins are worth almost $254 million with today’s market cap of $0.41. In particular, these whales’ past buy/sell patterns have been closely correlated with Cardano price action. If this trend repeats in May, ADA holders can expect a significant price increase.
Major investors are looking at reproduction (RNDR) token
Render (RNDR) first appeared on the mainstream media radar during the AI hype season in January of this year. The event saw many blockchain projects ride the wave of ChatGPT’s growing popularity to deliver triple-digit gains.
While many of the other AI tokens have returned to relative obscurity, Render has continued to consolidate its strong start in Q2 2023. Unsurprisingly, the RNDR token is now attracting the attention of eagle-eyed whale investors.
The chart below shows how crypto whales holding 100,000 to ten million RNDR tokens have been rallying and HODLing since February 12th.
Quite remarkably, even when the RNDR price dropped a whopping 50% in mid-March, the whales continued to HODL steadily.
In addition, the whales recently acquired another seven million coins, worth approximately $15 million, between April 9 and April 27. This inevitably led RNDR to a new 2023 high of $2.50 on April 28, leading to a remarkable year-to-date gain. 515%
If the strategic crypto whales continue to buy, RNDR is likely to make a series of new highs in May.
Chiliz (CHZ) whales are back in the game
Chiliz is the native token powering Socia’s blockchain sports and entertainment ecosystem. As the global football community prepares for a summer of intense sporting action, CHZ has delivered a 16% price increase this week.
Interestingly, chain data shows that crypto whales also want in on the action.
The yellow line in the chart below shows whale investors acquiring a remarkable 1.10 billion CHZ tokens between April 9th and April 28th.
At today’s market price of $0.13, the whales have invested nearly $143 million in the CHZ ecosystem. With the increased liquidity and demand pressure on the whales, Chiliz is likely to deliver a positive performance in May.
Litecoin whales pile up ahead of upcoming halving
The next halving event on the Litecoin (LTC) network is in less than 100 days. The event will see the number of block rewards issued to miners halved. The deflationary effect of the halving will likely put some upward pressure on the price of LTC in the coming months.
To front the potential gains from this milestone event, crypto whales have been betting big on LTC this week. Between April 20 and 28, the whale group with 100,000 to one million LTC added another 4.53 million to their balance.
This sudden rally among whales has already triggered a 6% price rally which has now seen LTC retesting $90. But if the big investors continue to buy, there could still be more bullish price action in May.
Crypto whales significantly influence cryptocurrency markets due to the large amounts of capital they control. As such, their accumulation may signal to other investors that the asset is undervalued, and they may follow suit by buying in. This can ultimately increase the price.
Therefore, strategic investors must keep an eye on the whale’s buying/selling pattern as May approaches.
Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, objective reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
