In a significant development, prominent investors in the world of cryptocurrency, known as whales, are showing renewed confidence in two tokens, Cardano (ADA) and Shiba Inu (SHIB), hinting at potential future price appreciation. A recent survey by the Santiment platform on June 5th revealed that whales are increasingly interested in 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, a clear sign of whale accumulation. “Cardano, Shiba Inu, and Jasmy are all experiencing surges, seemingly fueled by a surge in whale interest. The volume of transactions over $100 on each of these networks has more than doubled this week compared to the usual averages for 2024, indicating accumulation.”
In their weekly updates, ADA and JASMY have seen significant price gains. Particularly noteworthy is JASMY, which has surged by an impressive 51.8% in the last seven days, while Cardano has experienced a 2.3% increase. On the other hand, SHIB saw a slight decline of 4.1% during the same period.
It’s important to note that a report from the market intelligence platform IntoTheBlock in May revealed 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, indicating a positive outlook on 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 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.
In other news, Charles Hoskinson has defended Cardano amidst media claims and has promised exciting updates for ADA participants.