Whale Accumulation Drives Shiba Inu, Cardano, JasmyCoin Upwards: Do They Know Something We Don’t?

Whale investors, known to move cryptocurrency markets with their moves, are showing significant interest in coins like Shiba Inu, Cardano, and the latest sensation, JasmyCoin.

What Happened: Large transactions, worth at least $100,000, for each of these cryptocurrencies have more than doubled this week compared to the 2024 averages, according to on-chain analytics firm Santiment.

ūüďą #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

‚ÄĒ Santiment (@santimentfeed) June 5, 2024

Following this, the aforementioned coins witnessed a notable surge in price, as indicated below.

Cryptocurrency Gains this week +/- Price (Recorded at 10:35 p.m. EDT)
JasmyCoin (CRYPTO: Jasmy) +12% $0.03899
Shiba Inu (CRYPTO: SHIB) +9% $0.00002588
Cardano (CRYPTO: DOGE) +3.8% $0.4612

The surge in whale activity, followed by a rise in price, led Santiment to infer that wealthy investors were accumulating‚ÄĒa bullish signal for any cryptocurrency.

Among the three, SHIB was the most-traded coin in the last 24 hours, with volumes rising 31% to $929 million.

Why It Matters: Whales possess a large stash of cryptocurrencies and typically include institutional investors, including big banks, hedge funds, and high-income individuals.

Their growing interest in the coins mentioned above indicates confidence in their near-term prospects, spurred partly by the recent rally in blue-chip currencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

More than 65% of SHIB holders are currently in profit, while nearly 80% of JASMY holders are “in the money,” according to data from IntoTheBlock. As for ADA, majority of holders are still in losses as of this writing.

Photo by Igor Faun on Shutterstock

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