In a significant development, prominent investors in the world of cryptocurrencies, commonly known as whales, have shown renewed optimism and confidence in two key tokens, Cardano (ADA) and Shiba Inu (SHIB), hinting at potential future price appreciation.
According to a survey released 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 indicates a significant surge in transactions exceeding US$100 for each of these cryptocurrencies, signaling a notable accumulation by whales.
“Cardano, Shiba Inu, and JasmyCoin are all experiencing spikes, seemingly in response to heightened whale interest. The number of transactions exceeding US$100 on these networks has more than doubled this week compared to the typical 2024 averages, indicating a trend of accumulation.”
In their recent weekly performance, ADA and JASMY have both seen substantial price appreciation. Notably, JASMY has surged by an impressive 51.8% over the past seven days, while Cardano has shown a rise of 2.3%. On the other hand, SHIB experienced a slight decrease of 4.1% during the same period.
It is 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 previous 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 writing, the price of Cardano was quoted at US$0.4611, marking a 0.7% increase in the last 24 hours.
Disclaimer: The opinions expressed by the author and individuals mentioned in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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