Shiba Inu (SHIB) and Cardano (ADA) Witness Surge in Whale Activity

The cryptocurrency market has been abuzz with significant movements in Shiba Inu (SHIBUSD) and Cardano (ADAUSD) as both tokens experience substantial increases in large-scale transactions, driven primarily by heightened interest from whale investors. According to Santiment reports, the surge in activity is marked by transactions exceeding $100,000.

This week has seen the number of such large transactions for SHIB and ADA more than double compared to the 2024 average.

An attached chart illustrates the current figures for these massive transactions, with ADA boasting 875 transactions and SHIB recording 321. These numbers mark a notable increase from the previous day, which saw figures at around 455 for Cardano and 81 for Shiba Inu.

📈 #Cardano, #ShibaInu, and #Jasmy are all experiencing surges, seemingly triggered by heightened whale interest. $100K+ transactions on these networks have all more than doubled this week compared to the usual 2024 averages, signaling accumulation. pic.twitter.com/bz2Xtvf2Bx— Santiment (@santimentfeed) June 5, 2024

U.Today reported intriguing whale activity surrounding SHIB, noting that whales who entered the token early in 2021 have recently accumulated over 1.3 trillion Shiba Inu, valued at $33.28 million.

The extent to which this reflects genuine accumulation by major players remains to be seen. Presently, both ADA and SHIB are experiencing slight downturns, with prices in the red today.

However, taking a broader perspective, over the last three days of the week, Shiba Inu and Cardano have seen gains of 3.8% and 2.5%, respectively, amid low volatility and minimal fluctuations. This trend suggests significant whale activity favoring buying positions.

[SHIB and ADA to USD by CoinMarketCap]

Join Telegram Channel For Daily New update: https://t.me/cryptotelegraphs_updates