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HomeAnalysisShiba Inu and Cardano See High Interest from Whales, Prices React

Shiba Inu and Cardano See High Interest from Whales, Prices React

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A recent post by Santiment, a leading analytics firm, has highlighted the high interest from whales in three altcoins: Shiba Inu, Cardano, and JasmyCoin. The Whale Transaction Count, an indicator that tracks the number of transactions valued at $100,000 or more, has seen a significant spike in these assets.

The high value of the Whale Transaction Count suggests that whales are actively trading these assets, which can be a predictor of volatility. While the indicator does not provide information on the direction of the transfers, the recent price movements of these coins hint that the whale activity may be leaning towards accumulation.

Santiment notes that the number of $100K+ transactions on each of these networks has more than doubled this week compared to usual 2024 averages, signaling accumulation. This suggests that the whales may be buying these assets, which could lead to further price appreciation.

The chart below shows the trend in the Whale Transaction Count for Shiba Inu, Cardano, and JasmyCoin.

The value of the metric appears to have been high for these assets in recent days | Source: Santiment on X

Shiba Inu & Cardano Whale Transactions

The value of the metric appears to have been high for these assets in recent days | Source: Santiment

As the chart shows, all three coins have seen a high value of the Whale Transaction Count recently, indicating that whales are actively trading these assets. The prices of these coins have also reacted to this increased whale interest, with JasmyCoin seeing a significant surge in price and Shiba Inu recovering to $0.00002570.

Looks like the price of the coin has been going up over the last few days | Source: SHIBUSD on TradingView

The high value of the Whale Transaction Count is likely to continue to influence the prices of these coins in the coming days. As the whales continue to accumulate these assets, it is likely that the prices will see further fluctuations.

Source: NEWSBTC

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