According to U.Today, the cryptocurrency market has recently seen significant activity on Shiba Inu (SHIB) and Cardano (ADA) tokens, with a substantial increase in large-scale transactions. This surge is primarily attributed to heightened interest from whale investors, who are known for transactions exceeding $100,000. Over the past week, the number of such large transactions for SHIB and ADA has more than doubled compared to the average for 2024.
The current figure for such massive transactions stands at 875 for the ADA token and 321 for the SHIB token. However, just a day before, the numbers were significantly lower, with around 455 for Cardano and 81 for Shiba Inu. This indicates a sudden spike in whale interest, leading to a surge in $100,000+ transactions on these networks.
In particular, there has been notable excessive whale activity concerning SHIB. Whales who bought the token super early in 2021 have recently accumulated more than 1.3 trillion Shiba Inu, equivalent to $33.28 million.
Despite the surge in large-scale transactions, the prices of ADA and SHIB are currently experiencing a slight downfall, with both of them quoting in red. However, a broader perspective reveals that since the beginning of the week, the price of Shiba Inu and Cardano has increased by 3.8% and 2.5%, respectively, amid the lack of volatility and rapid fluctuations. This could potentially signal that whales are indeed present and are on the buying side.