Logo
Cardano Ecosystem

NewsBTC

06/06/2024

·

84 views


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
Shiba Inu & Cardano Whales

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.

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).

Shiba Inu & Cardano Whale Transactions
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.

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.

Shiba Inu Price Chart
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

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on NewsBTC

ORIGINAL SOURCE

https://www.newsbtc.com/shiba-inu/shiba-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Rare Evo: A Blockchain Event

More from NewsBTC

See more
Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?
NewsBTC
Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?

last Wednesday at 1:58 PM

·

11 views

Related News

See more

Argentina Digital Nation 2024
Rare Evo: A Blockchain Event
Argentina Digital Nation 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)