Due to the US debt threat, major market tokens have dropped significantly in value, with the cryptocurrency market capitalization shrinking by 9% in May 2023. Crypto-whales have therefore opted for the diversification of their investments to the altcoin markets.
Polygon (MATIC) is once again in the crosshairs of the whales
The first months of 2023 were marked by a price explosion at the level of most cryptocurrencies. However, very few tokens managed to maintain a bullish curve and Polygon was unfortunately not one of them.
Indeed, the price of the native token of the Polygon network, MATIC, got off to a rough start in May 2023. The first 12 days of the month were very tough as the token fell by 17% in value. However, after hitting the $0.83 support zone on May 11, MATIC managed to claw back gains of 7% through May 25.
Thus, according to the various statistics noted on the blockchain, this impressive return of the token comes mainly from the increase in DeFi staking and the renewed interest of crypto-whales in the Polygon network.
Therefore, to be more precise, it is specifically the group of whales that hold between 1 and 100 million MATIC tokens. The latter seems to intend to restore the value of the cryptocurrency in the market.
The whales' interest in the Render token
Artificial intelligence has taken the world by storm in 2022. One of the industries where this new technology has had the most impact is cryptocurrency. The sector has been the launch scene for a multitude of innovative AI-based projects.
Among these projects, we find Render (RNDR). It first appeared on the radar of crypto players during the AI hype season in January 2023.
After a brief burst in value around this time, Render officials have been working hard to consolidate the gains in value the token acquired in early 2023 by making a strong start to the quarter. Thus, as we enter a new month, it is not surprising that the RNDR token is still attracting the attention of several strategic investors.
Thus, on the graph of values, we see that most of the crypto-whales that hold between 100,000 and one million RNDR tokens started buying tokens again on May 17. During the period from May 17 to May 25, they acquired 5.9 million more RNDR within their wallets.
These new tokens are worth around $15.8 million at current market prices. This buying frenzy notably helped propel the RNDR cryptocurrency to a new high of $2.72 on May 28, taking its year-to-date gains to a remarkable level of over 500%.
The cryptocurrency-whales craze for the Launchpad XYZ project
After a wintery 2022, the launch of new innovative projects has played a key role in reviving the market and Launchpad XYZ is one of the main topics.
Thus, Launchpad XYZ is a crypto project that aims to provide its users with an ecosystem of complete and user-friendly platforms to learn and invest in the Web3 ecosystem. Within this ecosystem, users will have access to a platform for in-depth analysis and information sharing, a platform offering educational resources to help users become familiar with Web3.
There will also be a platform packed with investment tools to help make investment decisions including portfolio management tools and access to early-stage projects.
With this feature set, it's no surprise that whales are taking great interest in the project. The latter, still in the pre-sale phase, has already raised more than $700,000. The current price of the LPX token is $0.0445 but will increase to $0.046 soon.