Evidence from blockchain-monitoring service Lookonchain suggests that wealthy investors are purchasing large amounts of two altcoins related to artificial intelligence (AI). The first altcoin is Fetch.ai (FET), a decentralized machine learning project, which saw a Binance wallet linked to crypto investment firm DWF Labs receive a significant amount of FET. On May 8th, wallet ‘0x633c’ transferred 1 million FET ($2.25 million) to the DWF Labs Binance deposit wallet. It also received 5 million FET ($11.95 million) from Fetch.ai Foundation and deposited 2 million FET ($4.71 million) to the DWF Labs Binance deposit wallet. As of now, Fetch.ai is trading at $2.20, with a decrease of nearly 11% in the past 24 hours.
Lookonchain also observed that several large investors, known as whales, were accumulating the altcoin Render (RNDR), which is associated with Graphics Processing Units (GPUs). The price of RNDR has increased by 40% in the past week, prompting further investigation into whale activity. One investor, identified as ‘0x15CF’, withdrew 748,898 RNDR ($5.3 million) from Binance on April 30th and May 1st, resulting in a current floating profit of $2.24 million. They had previously traded RNDR seven times, with six of those trades being profitable, yielding a total profit of $3.5 million and a win rate of 85.7%. Another investor, ‘0x1Cb7’, has withdrawn 364,586 RNDR ($3.68 million) from exchanges over the past five days, achieving an average buying price of $9.19. Other investors, such as ‘0xCA9C’, ‘0xE61A’, and ‘0x06b2’, have also made significant withdrawals and currently hold varying amounts of RNDR. As of now, Render is trading at $10, experiencing a decrease of over 6% in the past 24 hours.
