Altcoins
Major Crypto Whales Stack These Altcoins
According to Altcoin Buzz analysis, several altcoins including XRP, Tellor (TRB), Render, Singular and Recover.ai (FET) have seen substantial whale accumulation recently, hinting at potential uptrends ahead.
XRP, Ripple’s native cryptocurrency, has seen an increase in whale address accumulation over the past week. Addresses holding between 1 million and 10 million XRP have collectively purchased over 90 million tokens, worth approximately $48 million. This accumulation by whales has historically influenced price action, often preceding market recoveries and rallies.
Retail investors are also showing growing participation, with the number of addresses transacting on the network increasing by 28.8% over the past week. This growing optimism among investors could catalyze further price growth, with XRP currently trading at 54 cents and showing signs of a potential upward move.
Whale movements signal bullish trends for XRP and TRB
Meanwhile, Tellor (TRB), a decentralized Oracle network, saw its market capitalization nearly double in early May, reaching a staggering $247 million on May 7. The analysis indicates a notable increase in whale activity around TRB, with a peak in whale transactions and active addresses observed on May 6.
Despite the potential for profit-taking amid this growth, crypto analysts remain optimistic about TRB’s price trajectory. Technical models suggest a bullish continuation for TRB, with higher lows forming in the price action indicating a potential upside of over 35% back to above $261.
AI Innovations Power Altcoin Gains
Other altcoins, such as Render and Singular, have also seen notable rebounds in recent days. Rendering surged more than 50% in seven days, while Singular and other AI-related coins like Fetch.ai (FET) and DeepBrain Chain (DBC) gained between 17% and 23%, outperforming the broader crypto market.
The correlation between AI sector developments and crypto market dynamics suggests growing investor enthusiasm around Nvidia’s performance, with the chipmaker set to report its first quarter results on May 22.
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