ADA and SHIB whale transactions double in number Are whales accumulating

In a significant development, prominent investors in the cryptocurrency space, referred to as whales, are showing renewed confidence and expectations in two tokens – Cardano (ADA) and Shiba Inu (SHIB), suggesting a positive outlook for potential price appreciation.
A recent survey by the Santiment platform on June 5th revealed an increased interest from whales in three specific cryptocurrencies: Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY).
The data indicates a substantial rise in transactions exceeding US$100 for each of these cryptocurrencies, more than doubling over the course of the week, signaling significant accumulation by whales.
“Cardano, Shiba Inu, and Jasmy are all experiencing upward trends, seemingly driven by a surge in whale interest. The number of transactions exceeding US$100 on each of these networks has more than doubled this week compared to the typical 2024 averages, indicating a strong accumulation.”
#Cardano, #ShibaInu, and #Jasmy are witnessing notable upticks, seemingly propelled by heightened whale interest. The volume of $100K+ transactions on each network has more than doubled this week compared to the usual 2024 averages, signaling increased accumulation.
In their respective weekly updates, ADA and JASMY have shown significant price appreciation, with JASMY leading the way with an impressive 51.8% increase in the past seven days, while Cardano has risen by 2.3%. On the other hand, SHIB experienced a slight decline of 4.1% during the same period.
It is important to note that a report from the market intelligence platform, IntoTheBlock, released in May revealed that investors holding between 100 million and 1 billion ADA had increased their holdings by 11% in the last month. This group now controls approximately 6.71% of the total ADA circulation, indicating a positive outlook for the cryptocurrency’s future.
As of the time of writing, the price of Cardano was quoted at US$0.4611, reflecting a 0.7% increase in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author or any individual mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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