Shiba Inu (SHIB) and Cardano (ADA) Surge as Whales Make Big Moves

The cryptocurrency market has been experiencing a significant uptick, particularly involving Shiba Inu (SHIB) and Cardano (ADA), with both tokens experiencing substantial growth in large transactions.

According to Santiment reports, this surge is primarily attributed to heightened interest from high-net-worth investors, specifically transactions exceeding $100,000. In the current week, the number of such large transactions for SHIB and ADA has more than doubled compared to the 2024 average.

Read Also: Shiba Inu Ecosystem Sees Major Progress in 2024: Shibarium, Digital Identity, and More

The data indicates that the current number of significant ADA transactions stands at 875, and for SHIB, it is 321. However, just the day before, these figures were notably lower, around 455 for Cardano and 81 for Shiba Inu.

An intriguing report that excessive whale activity involving SHIB, with early 2021 investors accumulating over 1.3 trillion Shiba Inu, equivalent to $33.28 million.

It remains to be seen whether this represents substantial accumulation by major players in these digital assets. Currently, both ADA and SHIB prices are experiencing a slight decline with red figures today.

Taking a broader perspective, we can observe that Shiba Inu and Cardano have witnessed price increases of 3.8% and 2.5%, respectively, since the beginning of the week, amid reduced volatility and rapid changes. This trend may suggest active involvement of large investors in acquiring these assets.

Read Also: Creating a LUNC/SHIB Trading Pool: A Step-by-Step Guide and Considerations

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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.