Crypto Whales Are Accumulating These Altcoins

    In May, the crypto markets began on a tepid note amid reports of potential US debt ceiling issues that circulated throughout global capital markets. Despite the subdued market mood, certain altcoins have garnered bullish positions from crypto whales.

    In recent weeks, crypto whales have been strategically investing in cryptocurrencies such as Arbitrum, HEX, and MASK, with historical patterns indicating that these altcoins are likely to experience significant gains in May 2023.

    Whales on Arbitrum Taking Advantage of the Dip

    Despite a 35% drop in the price of Arbitrum (ARB) between April 14 and May 11, whales with balances of one to ten million ARB tokens continued to buy the dip. As depicted in the chart below, they added an additional 158 million ARB to their wallets from April 13 to May 16.

    Arbitrum Whale Wallet Balance (ARB) – May 2023. Source: Santiment

    At the current market value of $1.20, the newly acquired tokens are worth nearly $190 million. This accumulation frenzy among the whales may be a significant factor in a more bullish price trend for Arbitrum in May.

    Crypto Whales are Positioned for HEX’s Next Rally

    Despite experiencing a 40% price correction in May, the HEX token led by Richard Heart has continued to attract strategic investments from a cohort of crypto whales.

    On-chain data reveals that whales holding one to one hundred million HEX tokens have already positioned themselves for another bullish rally in May 2023. As illustrated in the Santiment chart below, they added another 400 million tokens worth around $13 million to their balances between May 5 and May 16.

    HEX Whale Wallet Balance (HEX) – May 2023. Source: Santiment

    Remarkably, the whales continued to buy even as the HEX price retracted by 50% in the past week. If this trend persists, HEX holders can expect a significant price surge in the near future.

    MASK Draws Attention from Big Investors

    Mask Network is a blockchain protocol that enables users to send encrypted messages over Twitter and Facebook. It functions as a bridge by adding a decentralized network layer that runs on top of the conventional internet.

    Mask Network’s native token, MASK, has recently caught the attention of significant institutional crypto investors. Despite a 15% price drop in May, these investors have maintained their confidence in its future price potential.

    As shown in the chart below, crypto whales holding 100,000 to 1 million MASK have accumulated an additional 1.41 million tokens since May 7. 

    Mask Network Whale Wallet Balance (MASK) – May 2023. Source: Santiment

    At the current market value of $3.9, these newly added tokens are worth over $5.5 million. If this group of strategic crypto whales continues to accumulate MASK, it could propel the token into its next rally once the global market sentiment turns bullish again.

    Whales are large investors who hold at least $100,000 worth of a particular cryptocurrency. Their buy/sell patterns can significantly impact an asset’s price due to their disproportionately large financial power. Therefore, it is crucial for strategic investors to monitor whales’ buy/sell patterns as May 2023 unfolds.

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