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06/07/2024

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Cardano, Shiba Inu and One Ethereum-Based Altcoin Witness ‘Exploding’ Whale Activity, Says Santiment - The Daily Hodl

A handful of crypto assets have been witnessing “exploding” whale activity amid an uptick in digital asset prices this week, according to the analytics firm Santiment. Santiment notes on the social media...

Cardano, Shiba Inu and One Ethereum-Based Altcoin Witness ‘Exploding’ Whale Activity, Says Santiment - The Daily Hodl

A handful of crypto assets have been witnessing “exploding” whale activity amid an uptick in digital asset prices this week, according to the analytics firm Santiment.

Santiment notes on the social media platform X that the smart contract platform Cardano (ADA), the memecoin Shiba Inu (SHIB) and the Internet of Things (IoT) project Jasmy (JASMY) all enjoyed price jumps in the past couple of days following spikes in whale interest.

Explains the firm,

“The amount of $100,000+ transactions on each of these networks have all more than doubled this week compared to usual 2024 averages, signaling accumulation.”

Image
Source: Santiment/X

The crypto trader Ali Martinez also notes that whales have bought 200 million of top meme asset Dogecoin (DOGE) since May 30th.

Image
Source: Ali Martinez/X

In terms of Bitcoin (BTC), Santiment says there hasn’t been as much enthusiasm about the top crypto asset’s price gains as there was in March, which the analytics firm thinks is a bullish sign.

“$70,000 Bitcoin is not nearly as big of a deal for traders as it was three months ago, according to social platform data. Generally, the lack of FOMO is a good sign that BTC and other coins can break through with less crowd euphoria that previously caused tops.”

Image
Source: Santiment/X

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