The crypto market began May with a 9% decline in the first 12 days, but with active trading by large investors in altcoins, the global crypto market capitalization recovered by 3% before the end of the month.

The positive performance of altcoins played a crucial role in the resurgence of the crypto market in the second half of May. On-chain data reveals that cryptocurrencies such as SingularityNET (AGIX), The Graph (GRT), and Quant (QNT) have captured the attention of large investors, also known as whales.

Given the bullish outlook for the crypto artificial intelligence (AI) space, institutional investors are beginning to buy into the AI hype once again. Thus, it is not surprising that two AI-related projects emerged as the top gainers in the last week of May.

Will this accumulation frenzy by large investors pave the way for these altcoins to rally in June?

Crypto Whales Regain Confidence in Quant

The price of Quant (QNT) faced a challenging start in May, with a 14% dip in the first 26 days. However, a sudden surge in whale accumulation appears to have triggered a recovery.

Specifically, a group of whales holding balances of 10,000 to 100,000 QNT seems to be leading the effort to boost the price.

As shown below, they acquired an extra 400,000 QNT tokens valued at approximately $46.4 million between May 23 and May 31.

Significantly, the Santiment chart above shows that around May 26, three days after the whales began buying, the Quant price started to rise. Therefore, if this trend persists, holders of Quant (QNT) should expect the current upward price trend to turn into an extended bull run in June.

AGIX Whales Keep the AI Hype Growing

Large investors are joining the AI wave once more. After the AI frenzy in January 2023, the hype subsided for several tokens. However, SingularityNET (AGIX) seems to be leading the second wave of the AI rally.

Crypto whales began purchasing AGIX towards the end of April. On-chain data reveals that after a brief period of profit-taking in early May, they resumed buying.

Between May 16 and May 31, whales holding balances of one to ten million AGIX tokens piled up their holdings by 24 million AGIX. As shown in the chart below, they made significant accumulation during that period.

At the current market price of $0.30, the newly acquired tokens are worth nearly $7.2 million. Importantly, this category of whales accounts for 68% of the circulating AGIX supply. Accordingly, if they continue to buy, they could almost singlehandedly cause another AGIX price hike.

Large Investors Continue to Eye The Graph (GRT) Token

The Graph is another AI-related token that emerged as one of the top gainers in the last week of May. Operational data from the platform also shows that the GRT token is still capturing the attention of strategic whale investors.

Between May 23 and May 31, large investors holding balances of 10 million to one billion GRT tokens added 70 million GRT tokens to their holdings, as seen in the chart below.

At the present market value, the fresh purchase made by the whale investors is worth approximately $9.3 million.

Considering the recent AI fervor around tokens, GRT could enter an extended rally if large investors keep buying in June. Needless to say, strategic investors will track these and other altcoins in June.