Cardano, Shiba Inu, Jasmy Catch Whale Fever as large transactions increase

Following the recent market recovery, certain altcoins have become attractive to buyers, with wealthy investors even starting to stockpile these assets before prices potentially rise.

Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY) are experiencing notable price increases, each seemingly driven by increased whale activity.

Whales pile up

This week, transactions above $100,000 on these networks more than doubled compared to the average figures for 2024, suggesting a significant build-up phase.

According to Santiment’s latest analysis, the increase in large transactions indicates greater interest from large-scale investors, which contributes to the upward momentum in the prices of these cryptocurrencies.

The latest development comes amid a growing hoarding of certain digital assets. This phase arises as investors increase their purchases, increasing demand. Increasing interest usually leads to an increase in price.

Cardano has witnessed an increase in whale accumulation despite its price staying below $0.46. The popular Shiba Inu meme currency is also experiencing heavy accumulation. A whale bought 715.9 billion SHIB in just six hours on June 5th.

Shortly after, Lookonchain identified another notable whale activity this time with 9 wallets. 2 of them, branded as whales, have collectively spent over $35 million to acquire a massive 1.356 trillion SHIB tokens.

This accumulation was executed at an average price of $0.00002596 per token, indicating bullish sentiment among these whales towards SHIB’s future trajectory.

Apple Crash Triggers Demonstration for JASMY

Meanwhile, JasmyCoin emerged as one of the best-performing cryptocurrencies last week, attributed to a misinterpreted Apple announcement.

When Apple revealed its plan to incorporate Japan’s My Number feature into its iPhones, investors mistakenly assumed that JasmyCoin was involved in this initiative.

However, the reality is that JasmyCoin is an Ethereum-based ERC-20 token that places a heavy emphasis on privacy and data security features. This misconception led to a spike in the price of JasmyCoin, pushing it above $0.038 and leading to weekly gains of over 50%

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