Here's which cryptocurrencies the whales are buying this week
On-chain data shows that crypto whales have been actively acquiring three altcoins this week: ADA, SHIB, and JASMY.
Compared to typical averages, 2024 saw a notable increase in transactions exceeding $100,000.
These movements among large holders could affect token prices, suggesting that whales may possess information of a non-public nature.
Cardano holders accumulate ADA
Santiment data reveals a spike in transactions over $100,000 on the network of Cardano , as whales buy ADA at prices below $0.5. The chart below highlighted a decline in transactions towards the end of May with around five transactions recorded before a sharp increase in June. As a result, the price of ADA has increased by 6% since May 31.
In 2023, the US Securities and Exchange Commission (SEC) hinted that ETH, ADA and other tokens could be classified as securities. The recent one OK on the spot Ethereum The ETF, however, eased concerns about ETH, reducing concerns that other assets may be under scrutiny by the financial regulator. This reduction in uncertainty regarding the status of ADA securities likely stimulated increased activity among large holders.
SHIB is gaining attention again
Whales also turned their attention to Shiba Inu, possibly due to the potential for a major price move PEPPER , which recently reached a new all-time high. Given SHIB and PEPE's history of tandem price movement, investors are now focusing on SHIB following Pepe's recent high.
The chart below illustrates that the price of Shiba Inu decreased toward the end of May, along with a decrease in transactions worth more than $100,000.
However, the trend reversed in June, with the price of SHIB rising amid a surge in transactions, peaking on June 6 with approximately 39 large transactions, compared to 18 on May 31. During this period, SHIB also saw a 5% increase.
Crypto whales shot JASMY up 48%
Also, this week saw a sharp increase in references to JASMY on social media, with analysts predicting a major move in JasmyCoin's price. Unsurprisingly, the token is up 48% since May 31, with technical indicators suggesting further potential gains. The token is only slightly below its all-time high of $0.0425 hit on Tuesday.
The trend at JASMY mirrors that of ADA and SHIB, with large transactions doubling to about eight in June from roughly three in May.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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