In a bold move, prominent investors in the cryptocurrency realm, known as whales, have sparked renewed enthusiasm and confidence in Cardano (ADA) and Shiba Inu (SHIB), hinting at potential future price appreciation for these tokens.
A recent survey shared by the Santiment platform on June 5th unveiled that whales are exhibiting increased interest in three cryptocurrencies: Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY). Data indicated that the number of transactions exceeding US$100 for each of these cryptocurrencies has more than doubled this week, pointing towards significant whale accumulation.
“Cardano, Shiba Inu, and Jasmy are on the rise, seemingly driven by a surge in whale interest. The volume of transactions exceeding US$100 on these networks has more than doubled this week compared to the typical 2024 averages, indicating accumulation.”
In their recent weekly progress, ADA and JASMY cryptocurrencies have witnessed notable price appreciation. Notably, JASMY surged by an impressive 51.8% in the past seven days, while Cardano saw a 2.3% increase. On the other hand, SHIB experienced a 4.1% decline 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 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 past 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
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