Whale investors, known to move cryptocurrency markets with their moves, are showing significant interest in coins like Shiba Inu, Cardano, and the latest sensation, JasmyCoin.
What Happened: Large transactions, worth at least $100,000, for each of these cryptocurrencies have more than doubled this week compared to the 2024 averages, according to on-chain analytics firm Santiment.
Following this, the aforementioned coins witnessed a notable surge in price, as indicated below.
The surge in whale activity, followed by a rise in price, led Santiment to infer that wealthy investors were accumulating—a bullish signal for any cryptocurrency.
Among the three, SHIB was the most-traded coin in the last 24 hours, with volumes rising 31% to $929 million.
Why It Matters: Whales possess a large stash of cryptocurrencies and typically include institutional investors, including big banks, hedge funds, and high-income individuals.
Their growing interest in the coins mentioned above indicates confidence in their near-term prospects, spurred partly by the recent rally in blue-chip currencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
More than 65% of SHIB holders are currently in profit, while nearly 80% of JASMY holders are "in the money," according to data from IntoTheBlock. As for ADA, majority of holders are still in losses as of this writing.
Photo by Igor Faun on Shutterstock
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