The cryptocurrency market has recently witnessed significant movements on Shiba Inu (SHIB) and Cardano (ADA) as both tokens experience substantial increases in large-scale transactions. Santiment reports indicate that this surge is largely driven by increased interest from whale investors, characterized by transactions exceeding $100,000.
This week, the number of such large transactions for SHIB and ADA has more than doubled compared to the average for 2024.
On a chart attached to the post, one can see that the current figure for such massive transactions for ADA token remains at 875, and for SHIB token at 321. However, even the day before, the numbers were much lower – around 455 for Cardano and 81 for Shiba Inu.
📈 #Cardano, #ShibaInu, and #Jasmy are all enjoying surges, each appearing to be triggered after a spike in whale interest. The amount of $100K+ transactions on each of these networks have all more than doubled this week compared to usual 2024 averages, signaling accumulation. pic.twitter.com/bz2Xtvf2Bx
— Santiment (@santimentfeed) June 5, 2024
In particular, U.Today reported interesting excessive whale activity regarding SHIB, as whales, who bought the token super early in 2021, recently accumulated more than 1.3 trillion Shiba Inu, equivalent to $33.28 million.
It remains to be seen if this is real accumulation by large players in these digital assets. As of now, the prices of ADA and SHIB are experiencing a slight downfall, with both of them quoting in red today.
However, if we look at the bigger picture, we may see that since the beginning of the week, in the last three days, the price of Shiba Inu and the price of Cardano added 3.8% and 2.5%, respectively, amid the lack of volatility and rapid fluctuations. This fact may signal that whales are indeed here, and they are on the buying side.
