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Major crypto whales are stacking these Altcoins
According to analysis by Altcoin Buzz, several altcoins, including XRP, Tellor (TRB), Render, Singular and Recover.ai (FET) have recently witnessed a substantial accumulation of whales, suggesting potential bullish trends in the future.
XRP, Ripple’s native cryptocurrency, has seen a surge in accumulation by whale addresses over the past week. Addresses containing between 1 million and 10 million XRP they collectively purchased over 90 million tokens, for a total of 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% in the past week. This growing optimism among investors could catalyze further price growth, with XRP currently trading at 54 cents and showing signs of potential upward movement.
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 an impressive $247 million by 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 profit-taking potential in this growth, crypto analysts remain optimistic about TRB’s price trajectory. Technical patterns suggest a bullish continuation for TRB, with the formation of higher lows in the price action indicating a potential rise of more than 35% to above $261.
AI Innovations Drive Altcoin Gains
Other altcoins, such as Render and Singular, have also seen notable rallies in recent days. Render is up more than 50% in seven days, while Singular and other AI-related coins such as Fetch.ai (FET) and DeepBrain Chain (DBC) have gained between 17% and 23%, outperforming the crypto market. broader cryptocurrencies.
The correlation between developments in the artificial intelligence sector and cryptocurrency market dynamics suggests growing investor enthusiasm for Nvidia’s performance, with the chipmaker set to report first-quarter earnings on May 22.
Also check: Altcoins Show Strength as Bitcoin Stuck in a Range: WLD, NEAR, RNDR Price Close to Triggering New Rally