According to Altcoin Buzz's analysis, several altcoins including XRP, Tellor (TRB), Render, Singular, and Fetch.ai (FET) have recently witnessed significant whale accumulation, making them a potential future It suggests a bullish trend.
Ripple’s native cryptocurrency, XRP, has seen a surge in accumulations from whale addresses over the past week. Addresses holding 1 million to 10 million XRP collectively purchased more than 90 million tokens, or approximately $48 million. This accumulation by whales has historically influenced price action and has often preceded market recoveries and rallies.
Participation from retail investors is also increasing, with the number of addresses trading on the network increasing by 28.8% over the past week. This growing optimism among investors could spark further price increases, with XRP currently trading at 54 cents, showing signs of potential upside.
Whale movement suggests bullish trend for XRP and TRB
Meanwhile, the market capitalization of Teller (TRB), a decentralized Oracle network, nearly doubled in early May, reaching a staggering $247 million by May 7th. Our analysis shows a noticeable increase in whale activity around TRB, with a spike in whale transactions and active addresses observed on May 6th.
Despite the potential for profit-taking amid this growth, crypto analysts remain optimistic about TRB’s price trajectory. The technical pattern suggests continued bullishness for TRB, with the formation of higher lows in the price movement pointing to a potential rally of over 35% to above $261.
AI innovation drives altcoin profits
Other altcoins such as Lender and Singular have also experienced notable gains in recent days. Lender soared more than 50% in seven days, while Singular and other AI-related coins such as Fetch.ai (FET) and DeepBrain Chain (DBC) rose 17% to 23%, outperforming the broader cryptocurrency market. Ta.
The correlation between developments in the AI sector and trends in the cryptocurrency market is due to investors' enthusiasm for Nvidia's performance, as the semiconductor maker is scheduled to announce its first quarter earnings on May 22nd. This suggests that it is increasing.
Also check: Altcoins show strength while Bitcoin remains range-bound: WLD, NEAR, RNDR prices near trigger for new rally
