Whales are stacking altcoins ahead of a potential rally, it appears.
In the final week of May, the cryptocurrency market saw a noticeable slowdown in trading activity, largely driven by profit-taking after a recent surge in prices.
However, despite this temporary lull, several altcoins have caught the attention of major investors—known as “whales”—who are actively accumulating in anticipation of a potential market rebound in June.
The Coin that Made Altcoins Funny: Whales Add 30 Million Dogecoin (DOGE) in One Week
Dogecoin, the original meme coin, is among the altcoins seeing significant whale accumulation. Blockchain analytics firm Santiment reports that whale-sized wallets (holding between 1 million and 10 million $DOGE) have collectively added 30 million tokens in just the past week.
This buying behavior suggests that large investors are positioning for a potential price increase in June. While meme coins carry higher volatility risks, whale activity often acts as a strong market signal. If retail investors follow suit, this could build upward momentum for DOGE, possibly pushing the price back up to $0.206. Conversely, if accumulation stalls and selling pressure intensifies, the price could slip to $0.175.
In the last 24 hours Dogecoin fell 1.4%, capping seven-day losses of 14%. These losses are in line with wider market movements. Should the sell-off continue, it will plunge Dogecoin’s relative strength index (RSI), which is currently at 40, down to 30. This signals an overbought (and thus discounted asset), and will likely be followed by steady reaccumulation.
Should market bullishness persist, Dogecoin could very well be on the verge of a breakout. A bullish descending wedge pattern across DOGE’s chart from November through to April appears to set the asset up for potentially blistering price rises.
Sui Network: Could It Surpass XRP and Solana in the Crypto Rankings?
Sui Network is gaining attention as a next-generation blockchain project that positions itself as a potential improvement over Ethereum. While the term “Ethereum-killer” gets thrown around frequently, it’s worth noting that each blockchain offers its own unique strengths, making direct comparisons somewhat subjective.
What sets Sui apart is its remarkable speed. The network boasts a theoretical capacity of up to 297,000 transactions per second (TPS)—a stark contrast to Ethereum’s current limit of around 15 TPS.
Performance-wise, Sui has also outshone Bitcoin over the past year. Despite Bitcoin’s current bullish momentum, its year-over-year price gain stands at roughly 52.4%, while Sui has surged by an impressive 213%.
If the market is indeed entering a bullish phase, as many analysts suggest, Sui could potentially double in value by mid-summer.
From a technical standpoint, the setup appears favorable. The price is breaking out of a bullish flag pattern, which developed between January and late March, suggesting that upward momentum may be building.
Solaxy (SOLX): Solana’s First Layer-2 Scaling Solution Draws Investor Buzz
Solaxy ($SOLX), the first Layer-2 scaling solution developed for the Solana blockchain, is emerging as a high-interest altcoin among big-money investors. Since launching its presale on December 13, 2024, Solaxy has raised a staggering $44 million.
The SOLX token is designed for use in transactions, staking, and securing the network. Its staking functionality provides passive rewards, making it attractive for long-term holders. The project has also passed audits by reputable blockchain security firms, reinforcing its technical credibility.
Solaxy aims to enhance Solana’s speed and reliability through transaction rollups, while maintaining compatibility with Solana’s robust, developer-friendly ecosystem. This combination of real utility and meme-like appeal has attracted both developers and practical-minded investors.
Crypto influencers and analysts predict a strong post-launch performance for SOLX, particularly as the broader market enters a potential “altcoin season.” With growing demand for scalable Solana-based solutions, Solaxy ($SOLX) could be well-positioned for explosive growth.
Stay up to date with Solaxy on X and Telegram.
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