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Shiba Inu (SHIB) and Cardano (ADA) see a surge in whale interest as whale transactions worth at least $100,000 spike to double the yearly average.
This renewed interest among whale addresses comes at a time when Shiba Inu has reclaimed the crucial $0.000025 price threshold, seeking to leverage another price pump toward the $0.000027 and $0.000028 range. Meanwhile, Cardano has faced a roadblock to the mild upsurge it registered at the start of the week.
Notably, behavior analytical resource Santiment called the public’s attention to this surge in whale transactions, citing on-chain data. They confirmed that this week has witnessed a rise in transactions worth $100,000 and above for Shiba Inu, Cardano, and JasmyCoin (JASMY), surging to over double the average for the year.
While Santiment presented figures for June 4, the most impressive spikes occurred on June 5, as market whales doubled down on their transactions across the three crypto assets.
📈 #Cardano, #ShibaInu, and #Jasmy are all enjoying surges, each appearing to be triggered after a spike in whale interest. The amount of $100K+ transactions on each of these networks have all more than doubled this week compared to usual 2024 averages, signaling accumulation. pic.twitter.com/bz2Xtvf2Bx
— Santiment (@santimentfeed) June 5, 2024
Cardano Drops Amid Whale Transaction Spike
Of the three tokens, ADA has witnessed the most whale transactions within the period considered. On June 5, Cardano saw 1,091 whale transactions. This marked the largest figure recorded by ADA throughout this year, demonstrating the magnitude of interest.
In Cardano’s case, the transaction spike occurred after it witnessed a price resurgence. Notably, ADA saw a mild recovery on June 3 and 4, recording a 3.35% price increase to reclaim the $0.46 level. Cardano eventually closed above $0.46 on June 4 for the first time in over a week.
This rebound triggered a reawakening of the whales, but the impact on ADA was not favorable. As whale transactions spiked to the yearly peak of 1,091 on June 5, Cardano faced a roadblock to its rally, ranging between $0.45 and $0.46.
Coinglass data confirms that on June 5, ADA saw a spike in exchange inflows, leading to a positive netflow of $1.44 million. This increased selling pressure.
As a result, ADA closed the day with a mild drop but retained the $0.46 support. However, a subsequent and more vigorous price slump today has pushed Cardano below $0.46, as it currently changes hands at $0.4584. However, market pundits remain optimistic, with projections of a rise to $1 recently emerging.
Shiba Inu Rides on Whale Transaction Spike
Meanwhile, Shiba Inu’s whale transaction spike led to a different price reaction. On June 5, SHIB transactions worth at least $100,000 surged to a daily top of 764, the highest in over two months. The last time Shiba Inu witnessed whale transactions at this level was in mid April.
The latest spike coincided with a price resurgence from Shiba Inu, leading to the reclamation of the $0.000025 level. SHIB closed June 5 with a 5.4% increase, its largest intraday gain in two weeks. Interestingly, Shiba Inu witnessed a similar setback as ADA in terms of exchange flows, as it saw a positive exchange netflow of $6.7 million.
Despite the selling pressure that emanated from this increase in exchange reserves, Shiba Inu demonstrated remarkable resilience against the bears. The latest SHIB rally has cooled as of press time, with a 0.81% drop this morning. Regardless, Shiba Inu holds up well above $0.000025, currently trading for $0.00002573.