ADA and SHIB whale transactions double Could this indicate accumulation

In a notable development, prominent investors in the world of cryptocurrency, referred to as whales, have shown renewed confidence and expectations in Cardano (ADA) and Shiba Inu (SHIB), indicating a positive outlook for potential price appreciation in these tokens.
According to a survey shared by the Santiment platform on June 5, whales are demonstrating increased interest in three specific cryptocurrencies: Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY). The data revealed a significant uptick in transactions exceeding US$100 for each of these digital assets, suggesting a trend of whale accumulation.
“Cardano, Shiba Inu, and Jasmy are making waves, with indications of heightened whale interest driving their recent surge. The number of transactions surpassing US$100 on each of these networks has more than doubled this week compared to the typical averages of 2024, indicating a notable accumulation.”
#Cardano, #ShibaInu, and #Jasmy are experiencing notable upswings, seemingly spurred by increased whale interest. $100K+ transactions on each of these networks have more than doubled this week compared to the usual 2024 averages, pointing towards 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 increased 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 indicated that investors holding between 100 million and 1 billion ADA increased their holdings by 11% in the last month. This group now controls approximately 6.71% of the total ADA circulation, reflecting a positive sentiment towards the cryptocurrency’s future.
At the time of writing, the price of Cardano was quoted at US$0.4611, showing 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 or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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