Cryptocurrencies such as Cardano (ADA), Render (RNDR), Chiliz (CHZ) and Litecoin (LTC) have been receiving significant investment from large institutional investors recently, according to the transmitted data. According to experts, past trends reveal that these altcoins could be bullish in May 2023! Here are the details…
Cardano whales continue to receive ADA!
Cardano started April strong and hit the new 2023 high of $0.46 on April 18. However, the recent industry-wide contraction saw ADA slide towards $0.37. On-chain data reveals that crypto whales are already buying the bottom to take positions for another Cardano bull rally in May.
The Santiment chart below shows how the whale community with an ADA of 100 million and above has purchased the dip over the past week. The red line shows that whales have started buying since the previous market drop in mid-March. However, they intensified the accumulation by adding another 620 million ADA coins between April 18 and April 27.
The newly added ADA coins are worth approximately $254 million with a current market cap of $0.41. In particular, the previous trading patterns of these whales were closely correlated with Cardano price movements. If this trend repeats in May, ADA holders can expect a significant price increase.
Big cryptocurrency whales lined up for Render (RNDR)!
Render (RNDR) first entered the mainstream media’s radar during the AI hype season in January of this year. At that time, many blockchain projects took advantage of ChatGPT’s growing popularity, making triple-digit earnings.
While many of the other AI coins retreated into relative obscurity, Render continued to consolidate its strong start in Q2 2023. Not surprisingly, the RNDR coin is now attracting the attention of eagle-eyed whale investors. The chart below shows how crypto whales holding 100,000 to ten million RNDR coins have been accumulating and HODLing since Feb. Quite remarkably, whales continued to HODL steadily even when the RNDR price retraced 50 percent in mid-March.
However, the whales recently purchased another seven million coins, worth about $15 million, between April 9 and April 27. This inevitably pushed RNDR to a new 2023 high of $2.50 on April 28, pushing its year-to-date earnings to 515 percent. According to experts, if strategic crypto whales continue to buy, RNDR could likely hit a series of new highs in May.
Chiliz (CHZ) whales continue their investments!
Chiliz has been on the radar of many investors over the past years. On the other hand, CHZ posted a 16 percent price increase this week as the global football community prepares for a summer of intense sporting activity. Interestingly, the data on the chain shows that crypto whales also want to take action. The yellow line in the chart below shows that whale investors purchased 1.10 billion CHZ coins between April 9 and April 28.
At the current market price of $0.13, the whales have invested approximately $143 million in the CHZ ecosystem. With increased liquidity and demand pressure from whales, Chiliz is likely to show a positive performance in May.
Litecoin whales are experiencing backlog ahead of the upcoming Halving!
The next halving event on the Litecoin (LTC) network is less than 100 days away. The number of block rewards given to miners in this event will be halved. The deflationary effect of the halving is likely to put some upward pressure on the LTC price in the coming months. Crypto whales have placed big bets on LTC this week to potentially profit from this landmark event. Between April 20 and 28, the group of whales holding 100,000 to one million LTC added another 4.53 million to their balance.
This sudden buildup among whales triggered a 6 percent price increase that allowed LTC to retest $90. But more bullish price action could come in May if big investors continue to buy. Therefore, their savings can signal to other investors that the asset is undervalued, and they can follow suit by buying. This could eventually push the price up. Therefore, strategic investors should follow the buying/selling patterns of whales as May approaches.
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