The market for cryptocurrencies has lately seen notable changes in Cardano (ADA) and Shiba Inu (SHIB), as both tokens saw notable rises in large-scale transactions. According to media reports, the main cause of this spike is the growing interest from whale investors, who are defined as those who make trades worth more over $100,000.
Compared to the average for 2024, the quantity of these significant SHIB and ADA transactions this week has more than quadrupled.
The current value for such large transactions for the ADA token stays at 875, and for the SHIB token, it is 321 according to a chart that is attached to the post. But even the day before, there were far less numbers: about 455 Cardano and 81 Shiba Inu.
Specifically, U.Today reported on the intriguingly high whale activity around SHIB, as whales that purchased the token extremely early in 2021 had amassed more than 1.3 trillion Shiba Inu, or $33.28 million.
https://x.com/santimentfeed/status/1798485319551168939
If major actors are indeed accumulating these digital assets, that is yet to be determined. As of right now, ADA and SHIB’s prices are slightly declining; both are quoted in red today.
Looking at the wider picture, however, we can see that despite the absence of volatility and sharp swings, the price of Cardano has increased by 2.5% and the price of Shiba Inu has increased by 3.8% since the start of the week. This observation could indicate that whales are present and are actively purchasing.
