In a significant development, prominent investors in the world of cryptocurrency, known as whales, are showing renewed interest and confidence in Cardano (ADA) and Shiba Inu (SHIB), signaling positive prospects for future price increases.
According to a recent survey by the Santiment platform on June 5, whales are increasingly focusing on three cryptocurrencies: Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY). The data indicates that the number of transactions exceeding US$100 for each of these cryptocurrencies has more than doubled this week, suggesting a notable accumulation by whales.
“Cardano, Shiba Inu, and Jasmy are all experiencing upward momentum, likely due to heightened interest from whales. The volume of transactions over US$100 on each of these networks has more than doubled this week compared to the usual averages in 2024, indicating significant accumulation.”
In the latest weekly updates, ADA and JASMY have seen significant price appreciation. Notably, JASMY has surged by an impressive 51.8% in the past seven days, while Cardano has seen a 2.3% increase. On the other hand, SHIB experienced a slight retraction of 4.1% during the same period.
It is important to note that a report by market intelligence platform IntoTheBlock in May revealed that investors holding between 100 million and 1 billion ADA had increased their holdings by 11% in the past 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 this publication, the price of Cardano was quoted at US$0.4611, reflecting a 0.7% increase in the last 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies involves the risk of financial loss.
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