SHIB and ADA whale transactions double the yearly average.
Cardano hit a yearly high with 1,091 large trades on June 5.
Shiba Inu surpasses $0.000025 with record high transactions.
According to current statistics collected by Santiment, the trading activity of SHIB and ADA whales has been increasing. Transactions exceeding $100,000 have doubled from their average rates within a year showing a shift in behaviors from large investors. This week alone, the volume of these large transactions has seen a remarkable increase, with Shiba Inu and Cardano at the forefront.
#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
Cardano’s Market Dynamics
Cardano recently achieved a mild price recovery, touching $0.46 early in the week after a 3.35% rise. However, despite the spike in whale transactions on June 5, with 1,091 large trades marking a yearly high, Cardano encountered resistance. The increased trading activity coincided with a rise in exchange inflows, contributing to heightened selling pressure and stabilizing the price around $0.45 at press time.
Shiba Inu’s Resilient Rally
Conversely, Shiba Inu capitalized on its whale transaction surge to push past the $0.000025 level. The cryptocurrency recorded 764 high-value transactions on June 5, marking its highest activity in over two months. Despite a similar influx of funds on exchanges, which typically suggests selling pressure, Shiba Inu notched a 5.4% gain the same day, trading at $0.0000256 at the time of writing.
While both cryptocurrencies continue to navigate through fluctuating market dynamics, the surge in whale transactions underlines a growing interest from major investors. For Cardano, the challenge remains to convert this heightened activity into sustained growth. Meanwhile, Shiba Inu’s ability to withstand pressure and secure gains may set a positive tone for its near-term trajectory.
This analysis indicates a potentially pivotal moment for these cryptocurrencies as they attract attention from whale investors, suggesting an ongoing recalibration of market strategies among major stakeholders.
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