Shiba Inu (SHIB) and Cardano (ADA) saw a surge in whale interest, with whales trading at least $100,000 worth of coins increasing to double their yearly averages.
This renewed interest among whale addresses comes at a time when Shiba Inu has recaptured the critical $0.000025 price threshold in a bid to capitalize on another price pump towards the $0.000027 and $0.000028 range. Meanwhile, Cardano hit a snag earlier this week.
It is worth noting that behavioral analysis resource Santiment alerted the public to this surge in whale transactions, citing on-chain data. They confirmed that the transaction volume of Shiba Inu, Cardano and JasmyCoin (JASMY) exceeded $100,000 this week, an increase of more than twice the average value for the year.
Santiment provided data for June 4, with the most impressive spike occurring on June 5, with market whales doubling down on trades in all three crypto assets.
Among the three coins under consideration, ADA witnessed the highest number of whale transactions. On June 5, Cardano saw 1,091 whale transactions. This is the largest number recorded by ADA this year, demonstrating the level of attention it has received.
In the case of Cardano, the surge in transactions occurred after it witnessed a price recovery. Notably, ADA witnessed a slight recovery on June 3 and 4, with the price rising by 3.35% to recapture the $0.46 level. Cardano eventually closed over a week above $0.46 for the first time on June 4.
The rally sparked interest among whales, but the impact was not favorable for ADA. When whale transactions reached this year’s peak of 1,091 on June 5, Cardano faced a hurdle with prices ranging between $0.45 and $0.46.
Coinglass data confirmed that on June 5, ADA saw a surge in transaction inflows, resulting in a positive inflow of $1.44 million. This increased selling pressure.
As a result, ADA closed the day with slight losses but held on to the $0.46 support level. However, a larger price drop later today pushed Cardano below $0.46 and is currently priced at $0.4584. However, market experts remain optimistic, with predictions of a rise to $1 emerging recently.
Meanwhile, a surge in whale trading in Shiba Inu has led to a mixed price reaction. On June 5, SHIB transactions worth at least $100,000 increased to 764, the highest number in more than two months. The last time Shiba Inu witnessed this level of whale trading was in mid-April.
This latest peak coincided with a price recovery for Shiba Inu that resulted in the recapture of the $0.000025 level. SHIB closed up 5.4% on June 5, the largest intraday gain in two weeks. Interestingly, Shiba Inu witnessed a similar setback as ADA in terms of transaction flows as it saw positive inflows of $6.7 million.
Despite the selling pressure from this increased trading reserve, the Shiba Inu has been remarkably resilient against the bear market. As of now, the latest SHIB rally has fizzled out, trading down 0.81% this morning. Despite this, the Shiba Inu has managed to hold above $0.000025 and is currently trading at $0.00002573.
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