The popular memecoin Shiba Inu (SHIB) and the smart contract platform Cardano (ADA) are seeing major spikes in large whale transactions, according to the crypto analytics firm Santiment.
Both altcoins, as well as the controversial crypto asset HEX, are witnessing a surge in transactions worth more than $100,000.
According to Santiment, significant bursts of large transactions are “historically is associated with upcoming price shifts.”
Santiment says Cardano’s whale action in particular has been on the rise all year.
The last time a similar spike happened for Cardano, the firm says a big rise in price followed.
“Cardano whale numbers have risen in 2023, and large transactions have notably broken out.
The last time there were this many $100,000 ADA transactions was in May, and its price jumped +36% from the beginning of that week until its local top in early June.”
Whales have also been steadily accumulating SHIB in 2023.
According to WhaleStats, SHIB is now the second-largest altcoin holding among Ethereum whales, right behind the stablecoin Tether (USDT).
The 5,000 biggest Ethereum (ETH) whales in existence now collecively hold a staggering 50,905,707,716,073 SHIB worth $735,034,573.
SHIB is worth $0.00001426 at time of publishing, down 1.2% in the last 24-hours.
Meanwhile, ADA is at $0.39, up 1.4% in the last day.
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The post Shiba Inu and Cardano Witnessing Massive Spike in $100,000+ Whale Transactions, Says Crypto Analytics Firm appeared first on The Daily Hodl.