In the volatile ocean of cryptocurrency, the gigantic creatures known as ‘whales’ move with laser-focused intent. The recent surge of activity from these market leviathans in relation to altcoins Shiba Inu (SHIB) and Cardano (ADA) has provoked interest and speculation, leading to a flurry of active trading.
Renowned on-chain analytics organization Santiment has cast its analytical net to capture these intriguing movements. The metric fueling their insights is the ‘Whale Transaction Count’. This particular index keeps a vigilant eye on substantial transactions exceeding $100,000 on any given cryptocurrency network.
In the realm of cryptocurrency, only the mighty whales have the ability to maneuver such grand financier moves within a single transaction. Each considerable shift or ripple in the market could be attributed to these gigantic entities, making their transactions of immense interest to observers and traders alike.
A high ‘Whale Transaction Count’ tells an intriguing tale. It suggests that the whales are actively trading, indicating intense interest in a particular coin. Conversely, a lower count might hint at a waning concentration of these large-scale investors, as the frequency of their transactions dwindles.
In the tale of three altcoins – Shiba Inu, Cardano, and JasmyCoin (JASMY) – an interesting pattern emerges. A distinct spike in ‘Whale Transaction Count’ for these altcoins has been observed, indicating that whales are actively and diligently trading these assets.
But what does this mean for the coming tides in cryptocurrency prices? A soaring ‘Whale Transaction Count’ can often presage volatility. However, this metric does not discern if whales are buying or selling, making it difficult to chart a definite course through the undulating waves of the market.
Nevertheless, all three altcoins, Shiba Inu, Cardano, and JasmyCoin have shown signs of price appreciation ever since the whales began their massive movements. This could hint at the whales’ leaning towards accumulating these specific coins.
Santiment’s analysis advances this theory, suggesting that the goal behind these transactions may indeed, be of purchasing nature. Notably, the number of $100K+ transactions within these networks has more than doubled this week compared to averages in 2024. This activity suggests accumulation, they contend.
If the high value of the ‘Whale Transaction Count’ stays the course for Shiba Inu and the others, it’s plausible that their prices would continue to experience fluctuations in the coming days.
Now turning the spotlight on specific altcoins; although JasmyCoin has demonstrated substantial profits following the spike in whale interest, Shiba Inu’s surge has been comparatively minor. The SHIB price, however, has managed to claw its way back to $0.00002570 following its recent ascent. The price of the coin has been on an upward trajectory over the last few days, adding another layer of intrigue to the story.
