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06/06/2024

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Shiba Inu, Cardano Seeing Explosive Whale Activity, Santiment Reveals

The on-chain analytics firm Santiment has revealed how Shiba Inu (SHIB) and Cardano (ADA) are among the altcoins seeing high whale activity recently. Shiba Inu & Cardano Have Seen High Interest From...

Shiba Inu, Cardano Seeing Explosive Whale Activity, Santiment Reveals

The on-chain analytics firm Santiment has revealed how Shiba Inu (SHIB) and Cardano (ADA) are among the altcoins seeing high whale activity recently.

Shiba Inu & Cardano Have Seen High Interest From Whales Recently

In a new post on X, Santiment has talked about how some altcoins have been seeing a high Whale Transaction Count recently. The “Whale Transaction Count” here refers to an indicator that keeps track of the number of transactions happening on any cryptocurrency network that are valued at $100,000 or more.

Generally, only the whale entities are capable of moving such a large amount of capital with single transfers, so transactions of this scale are associated to movements related to them.

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When the value of the indicator is high, it means the whales are making a large number of moves on the network right now. Such a trend could imply these humongous investors have an active interest in trading the coin.

On the other hand, the metric being low could imply the big money investors may not be paying much attention to the asset currently as they aren’t making too many transactions.

Now, here is a chart that shows the trend in the Whale Transaction Count for three altcoins: Shiba Inu, Cardano, and JasmyCoin (JASMY).

The value of the metric appears to have been high for these assets in recent days | Source: Santiment on X

As displayed in the above graph, all three of Shiba Inu, Cardano, and JasmyCoin have seen the metric spike for them recently. Naturally, this means that the whales are actively trading these assets right now.

As for what this could mean for the prices of these cryptocurrencies, a high whale transaction count can be a predictor for volatility. The indicator doesn’t contain any information about whether the transfers are tending towards buying or selling moves, though, so it can usually be hard to say about where exactly such volatility could take the asset.

Since the transfers have started, however, all three of these coins have seen some level of price appreciation, hinting that the whale activity so far may have been leaning towards accumulation after all.

The analytics firm also appears to believe that buying could be the goal behind these transactions. “The amount of $100K+ transactions on each of these networks have all more than doubled this week compared to usual 2024 averages, signaling accumulation,” notes Santiment.

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Whatever the case be, if the high value of the Whale Transaction Count persists for Shiba Inu and company, it’s likely that their prices would continue to see some sort of fluctuations in the coming days.

SHIB Price

While JasmyCoin has seen a considerable amount of profits following the spike in whale interest, Shiba Inu has only been able to see a relatively minor surge. Following this latest rise, the SHIB price has so far been able to recover to $0.00002570.

Looks like the price of the coin has been going up over the last few days | Source: SHIBUSD on TradingView

Featured image from Dall-E, Santiment.net, chart from TradingView.com

Source: NewsBTC.com

Crypto Investing Risk Warning

Crypto assets are highly volatile. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.

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