Whales Increasingly Buying ADA, SHIB, and JASMY
This week, on-chain data indicates a surge in crypto whale transactions involving three altcoins: ADA, SHIB, and JASMY. The volume of transactions exceeding $100,000 has significantly increased from the usual averages in 2024, pointing towards heightened activity among large holders. This uptick in whale activity could potentially influence the prices of these tokens, hinting at possible access to undisclosed information by whales.
Cardano Holders Accumulate ADA Below $0.5
An analysis of Santiment data reveals a notable increase in transactions above $100,000 on the Cardano network as whales acquire ADA below the $0.5 mark. The chart data depicts a period of reduced transactions towards the end of May, with only about five recorded transactions before a resurgence in June. Following this surge in activity, the price of ADA has climbed by 6% since May 31.
- SEC mentioned the possibility of classifying ETH, ADA, and other tokens as securities in 2023.
- Approval of Ethereum spot ETFs reduced uncertainties around ADA’s status as a security.
SHIB Is Getting Attention Again
Whales are demonstrating renewed interest in Shiba Inu, likely driven by the Pepe price’s significant uptick to an all-time high. The correlation between SHIB and PEPE price movements has garnered investor attention, especially after the price peak for Pepe. Despite a price drop for Shiba Inu towards the end of May and decreased transaction activities, June witnessed a reversal in fortunes. The SHIB price surged alongside heightened transaction volumes, peaking at around 39 whale transactions on June 6, up from the 18 transactions recorded on May 31. During this period, SHIB price showed a 5% increase.
- Speculations on a massive move in JasmyCoin price led to a surge in JASMY mentions on social media.
- JasmyCoin price surge of 48% since May 31 with technical indicators pointing to further upside potential.
Crypto Whales Send JASMY 48% North
Another notable instance of whale activity involves JASMY, with a notable increase in social media mentions this week, hinting at a potential significant move in the token’s price. As of Tuesday, JASMY is up by 48% since May 31, hovering just below its all-time high of $0.0425. Similar to ADA and SHIB, there has been a doubling of whale transactions in June, climbing from around 3 transactions in May to about 8.
ADA, SHIB, JASMY Could Rally on Bitcoin Price Gains
The ongoing strength in Bitcoin price, currently trading at $71,162, presents opportunities for altcoins as well. Insights from the on-chain aggregator IntoTheBlock highlight that a significant percentage of Bitcoin holders are sitting on unrealized profits, hinting at a possible rotation of profits into altcoins. This scenario could potentially trigger an altcoin season, with ADA, SHIB, and JASMY primed for further gains as whales continue to show interest in these tokens.
Hot Take: Potential Upside for ADA, SHIB, and JASMY Amid Whale Activity
Given the recent surge in whale activity involving ADA, SHIB, and JASMY, there is a strong indication of potential upside for these altcoins. The increased transactions exceeding $100,000 among large holders suggest a bullish sentiment towards these tokens, with the possibility of influencing their prices significantly. As Bitcoin continues to show strength, the shift of profits into altcoins could further boost the prospects of ADA, SHIB, and JASMY in the crypto market. Stay tuned for more updates on these altcoins as whale activity continues to play a pivotal role in their price movements.
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