On-chain analytics firm Santiment reports that Shiba Inu (SHIB) and Cardano (ADA) are among the altcoins with recent whale activity.
Shiba Inu and Cardano have recently received a lot of attention from whales
In a new post on X, Santiment talked about how the number of whale transactions for some altcoins has increased recently. Here, “whale transaction count” refers to an indicator that tracks the number of transactions taking place on a cryptocurrency network worth more than $100,000.
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Typically, only a whale individual can move such a large amount of capital in a single transfer, so transactions of this magnitude are associated with such movements.
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A high value of the indicator means that whales are currently making a lot of movement in the network. This trend could mean that these huge investors are taking an active interest in trading the coin.
On the other hand, a low indicator may mean that big-money investors may not be paying much attention to current assets because they are not trading too many.
Now here is a chart showing the trend in the number of whale transactions for three altcoins: Shiba Inu, Cardano, and JasmyCoin (JASMY).
As shown in the graph above, Shiba Inu, Cardano, and JasmyCoin have all seen their metrics surge recently. Naturally, this means that whales are currently actively trading these assets.
As for what this could mean for cryptocurrency prices, a high number of whale transactions could be a predictor of volatility. However, this indicator does not include information about whether transfers tend to buy or sell movements, so it can generally be difficult to tell where exactly such volatility could take the asset.
However, all three of these coins have seen some price appreciation since the migration began, suggesting that whale activity so far may have been tilted towards accumulation after all.
The analyst firm also appears to believe that purchases could be the target of these deals. “Trading volume of $100,000 or more on each of these networks more than doubled this week compared to the usual 2024 average, sending a cumulative signal,” Santiment says.
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In any case, if the high valuations of the Shiba Inu and the company’s whale trading numbers continue, their prices will likely continue to see some kind of fluctuation in the future.
SHIB price
JasmyCoin saw significant gains after a surge in interest in whales, while Shiba Inu saw a relatively minor rise. After this rise, SHIB price was able to recover to $0.00002570 so far.
Dall-E, featured image from Santiment.net, chart from TradingView.com
Source: NewsBTC.com