Whale interest in Shiba Inu (SHIB) and Cardano (ADA) has surged, with whale transactions worth at least $100,000 doubling the yearly average.
This sudden spike in whale activity comes as Shiba Inu has surpassed the critical $0.000025 price level and aims for further gains in the $0.000027 to $0.000028 range. On the other hand, Cardano has faced some resistance after a modest increase earlier in the week.
Santiment, a behavioral analysis resource, highlighted the increase in whale transactions based on on-chain data for Shiba Inu, Cardano, and JasmyCoin (JASMY), with transactions exceeding $100,000 more than doubling the yearly average.
While Santiment’s data was for June 4, the most significant increases occurred on June 5, as market whales ramped up their activity in the three cryptocurrencies.
Cardano saw the highest number of whale transactions on June 5, with 1,091 transactions recorded. This marked a notable surge in interest for ADA, especially after it showed signs of recovery on June 3 and 4, closing above $0.46 for the first time in over a week.
Despite the surge in whale transactions, Cardano faced resistance in its rally, hovering between $0.45 and $0.46. Additionally, a spike in exchange inflows on June 5 led to increased selling pressure, causing ADA’s price to drop slightly below $0.46.
In contrast, Shiba Inu experienced a price surge following a spike in whale transactions on June 5, reaching the highest daily total of 764 transactions in over two months. This surge coincided with SHIB reclaiming the $0.000025 level and closing the day with a 5.4% gain.
Although both Shiba Inu and Cardano faced challenges from increased exchange flows, they demonstrated resilience against market pressure. While Shiba Inu’s rally has slightly cooled, it continues to trade above $0.000025, currently priced at $0.00002573.
Please note that this content is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.
