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As a result of the current recovery in the cryptocurrency market, certain alternative cryptocurrencies are now inside the purchasing zone. Whales have even begun to accumulate these cryptocurrencies before prices increase.
The on-chain data indicated that three alternative cryptocurrencies, namely Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY), were experiencing a significant amount of whale activity. Are these three cryptocurrencies currently trending in an early phase of bullishness?
Significant Whale Activity Was Recorded By ADA, SHIB, And JASMY
As of June 6, the on-chain data platform Santiment revealed that whales have shown a significant increase in their interest in the cryptocurrencies Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY), as per Coingape. This shows that whales have returned after inactivity to amass these currencies.
The sudden and large accumulation by whales is indicated by the fact that the number of transactions on the Cardano, Shiba Inu, and JasmyCoin networks worth more than $100,000 has more than doubled this week compared to the averages for the year 2024. Whales have a tendency to purchase cheap and sell high, so massive accumulation by whales is regarded as a buy signal.
Since April, Cardano whales have been gradually adding ADA to their holdings. According to IntoTheBlock, Cardano whales, with between 100 million and 1 billion ADA in their wallets, have collected 11% of the cryptocurrency. This particular group of whales controls 6.71 percent of the total ADA supply.
According to the information provided by Lookonchain, nine wallets spent $35.2 million to acquire 1.356 trillion SHIB. Binance was the source of 37 billion SHIB that a whale (0xa14) acquired today.
The amount of money whales and ordinary investors purchase in JASMY continues to be enormous. Nevertheless, profit booking has also been irregular during the acquisition process.
Performance of the Prices of Cardano, Shiba Inu, and JASMY
Today, the price of ADA increased by more than 4%. In the past twenty-four hours, it has decreased by over one percent, standing at $0.459. The low for the past 24 hours is $0.457, while the high for the same period is $0.463. In addition, the volume of trading declined by 17% during the previous twenty-four hours.
The price of SHIB has decreased by 2% over the past twenty-four hours, and it is currently trading at $0.00002557. At the end of the twenty-four-hour period, the low was $0.00002548, and the high was $0.00002627. The trade volume during the twenty-four-hour period has decreased by three percent.
The price of JASMY increased by more than 56% in a week and by 1000% in a month. On the other hand, the price is currently trading in a range of $0.03877 after DWF Labs decided to sell off some of its holdings. Twenty-four-hour trade volume has decreased by sixty percent.
Photo: Microsoft Bing
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