In a significant development, prominent investors in the cryptocurrency market, referred to as whales, have shown renewed interest and confidence in Cardano (ADA) and Shiba Inu (SHIB), hinting at potential future price appreciation for these tokens.
A survey released by the Santiment platform on June 5 unveiled that whales are increasingly engaging with three cryptocurrencies – Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY). The data indicated a significant surge in transactions exceeding US$100 for each of these cryptocurrencies, showcasing a strong trend of whale accumulation.
“Cardano, Shiba Inu, and Jasmy are all witnessing upward momentum, seemingly driven by a surge in whale activity. The number of transactions exceeding US$100 on these networks has more than doubled this week compared to the usual 2024 averages, indicating a growing accumulation.”
In the latest weekly updates, ADA and JASMY recorded substantial price gains. Particularly noteworthy is the remarkable 51.8% increase in JASMY’s price over the past seven days, while Cardano saw a 2.3% rise. Meanwhile, SHIB experienced a 4.1% decrease during the same period.
It’s 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, reflecting a positive outlook on the cryptocurrency’s future.
As of the time of this publication, 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 should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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