Following the recent recovery in the market, certain altcoins have become appealing to buyers, with wealthy investors even beginning to stockpile these assets before prices potentially surge.
Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY) are experiencing notable price surges, each seemingly driven by increased whale activity.
Whales Pile In
This week, transactions exceeding $100k on these networks have more than doubled compared to their average figures for 2024, suggesting a significant accumulation phase.
According to Santiment’s latest analysis, the surge in large transactions indicates heightened interest from large-scale investors, contributing to the upward momentum in prices for these cryptocurrencies.
The latest development comes amidst an increased accumulation of certain digital assets. This phase emerges as investors ramp up their purchases, boosting demand. The growing interest typically triggers an uptick in the price.
Cardano has witnessed an increase in whale accumulation despite its price being stuck below $0.46. Popular meme coin Shiba Inu is also seeing an intense accumulation spree. One whale bought 715.9 billion SHIB in just six hours on June 5th.
Shortly thereafter, Lookonchain identified another remarkable whale activity this time by 9 wallets. 2 of them, flagged as whales, have collectively spent more than $35 million to acquire a massive 1.356 trillion SHIB tokens.
This accumulation was executed at an average price of $0.00002596 per token, indicating a bullish sentiment among these whales toward the future trajectory of SHIB.
Apple Mishap Triggers Rally For JASMY
Meanwhile, JasmyCoin emerged as one of the top-performing cryptocurrencies last week, attributed to a misinterpreted announcement from Apple.
When Apple revealed its plan to incorporate Japan’s My Number feature into its iPhones, investors erroneously assumed that JasmyCoin was involved in this initiative.
However, the reality is that JasmyCoin is an Ethereum-based ERC-20 token that places a strong emphasis on privacy and data security features. This misconception triggered a surge in JasmyCoin’s price, propelling it above $0.038 and resulting in weekly gains exceeding 50%
The post Cardano, Shiba Inu, Jasmy Catch Whale Fever as Large Transactions Spike appeared first on CryptoPotato.
