#CryptoWhales #Altcoins #ADA #SHIB #JASMY #Cardano #ShibaInu #JasmyCoin
Recent on-chain data has revealed that crypto whales, the large holders often capable of moving the market, have significantly increased their purchases of three specific altcoins: ADA, SHIB, and JASMY. This week, not only has the transaction volume exceeding $100,000 for these tokens surged well beyond the 2024 average, but such heavy investment activity often sparks speculation about the whales having potentially exclusive insights or information.
Among these, Cardano (ADA) has seen a notable uptick in transactions over $100,000, primarily with purchases made below $0.5 per ADA, as indicated by data from Santiment. This spike in activity coincides with a 6% increase in ADA’s price since the end of May. The increase in ADA’s accumulation by whales could be partially due to the alleviated fears around its classification as a security by the U.S. Securities and Exchange Commission (SEC), following the recent approval of Ethereum spot ETFs. This regulatory development appears to have instilled a renewed confidence among investors about the future of ADA and other altcoins potentially under regulatory scrutiny.
Similarly, Shiba Inu (SHIB) has regained the attention of whales, largely influenced by the movement in the price of Pepe, a meme coin closely followed by investors for indications of market sentiment. SHIB recorded a significant increase in whale transactions in early June, aligning with a 5% rise in its price. Meanwhile, JasmyCoin (JASMY) has experienced a remarkable 48% surge in its price amidst a flurry of social media attention and speculative trading, drawing parallels to the activities surrounding ADA and SHIB. It’s noteworthy that JASMY is just shy of reaching its all-time high, possibly due to increased whale transactions.
This renewed interest in ADA, SHIB, and JASMY among crypto whales presents an intriguing dynamic against the backdrop of an overall bullish sentiment surrounding Bitcoin. With Bitcoin’s price displaying robust growth and the majority of BTC holders currently in profit, there’s a possibility that profits from Bitcoin could be funneled into these altcoins, potentially triggering an “altcoin season.” Given the whales’ substantial influence on market trends, their recent activities could very well position ADA, SHIB, and JASMY for further gains.
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