Altcoin
Crypto Whales Bet on These 3 Altcoins This Week
On-chain data shows that crypto whales have increasingly purchased three altcoins this week: ADA, SHIBAND JASMINE. Compared to the usual 2024 averages, there was a significant increase in transactions over $100,000.
These activities among large holders could impact token prices, suggesting that whales may have access to non-public information.
Cardano holders accumulate ADA of less than $0.5
Santiment data shows a surge in transactions above $100,000 on the Cardano network as whales purchase ADA below $0.5. The chart below shows a lull in transactions towards the end of May, recording around five before the surge in June. With it, the ADA price has increased by 6% since May 31.
In 2023, the U.S. Securities and Exchange Commission (SEC). suggested that ETH, ADA and other tokens could be classified as securities. However, the recent approval of spot ETFs on Ethereum has eased fears about ETH, easing concerns that the financial regulator has targeted other assets. This has reduced uncertainty about the ADA’s status as a safety likely inspired increased activity among large holders.
To know more: How to buy Cardano (ADA) and everything you need to know
ADA Whale Transactions. Source: Most Holy
The SHIB is attracting attention again
Whales have also shown interest in Shiba Inu, likely attributed to the possibility of a great move in the price of Pepe, which reached a new all-time high. With the story of SHIB and PEPE proceeding in accordance, investors’ attention shifts to SHIB after the recent Pepe incident peak in the price.
The chart below shows that the Shiba Inu price fell towards the end of May, accompanied by a decline in activity for pulls above $100,000.
However, this changed in June, with the SHIB price taking off amid spikes in transaction activity, which peaked on June 6 with around 39 whale transactions out of the 18 transactions recorded on May 31. During this period, SHIB also increased by 5%.
To know more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Crypto Whales Send JASMY 48% North
Elsewhere, there has been a JASMY surge mention on social media this week as analysts speculate a massive price move for JasmyCoin. Unsurprisingly, the token is up 48% since May 31, with technical indicators suggesting further upside. The token is just a fraction below its all-time high of $0.0425, recorded on Tuesday.
The outlook for JASMY was the same as ADA and SHIB, with whale transactions doubling to around 8 in June from around 3 in May.
To know more: What is JasmyCoin (JASMY)?
ADA, SHIB, and JASMY could rally on the back of Bitcoin price gains
In the meantime, Bitcoin price continues to show strength, trading at $71,162 at the time of writing. Data from on-chain aggregator IntoTheBlock provides interesting insights. At current prices, 98.375% of BTC holders they are sitting unrealized profits (in the money). This is relative to the awful 0.13%, which is sitting on unrealized (out of the money) losses.
The possibilities of Bitcoin profits turning into altcoins exist and could trigger an expansion altcoin season. With recent activity among whales, ADA, SHIB and JASMY could be positioned for further gains as whales identify them among their top picks.
To know more: Bitcoin (BTC) Price Prediction 2024/2025/2030
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