Altcoins
Crypto whales are betting on these 3 Altcoins this week
On-chain data shows that this week crypto whales were increasingly buying three altcoins: ADA, SHIBAnd JASMY. Compared to usual 2024 averages, we see a significant increase in transactions exceeding $100,000.
These activities among large holders could impact token prices, suggesting that whales may have access to non-public information.
Cardano Holders Accumulating ADA Below $0.5
Santiment data shows an increase in transactions above $100,000 on the Cardano network, as whales buy ADA below $0.5. The chart below shows a lull in trading towards the end of May, recording around five trades before the June surge. With it, the price of ADA is up 6% since May 31.
In 2023, the United States Securities and Exchange Commission (SEC) suggested that ETH, ADA and other tokens can be classified as securities. However, the recent Ethereum spot ETF approval eased fears about ETH, easing concerns about the financial regulator targeting other assets. This reduced uncertainty about ADA’s status as security probably inspired the increased activity of large operators.
Learn more: How to Buy Cardano (ADA) and Everything You Need to Know
ADA Whale Transactions. Source: Feeling
SHIB gets attention again
Whales have also shown interest in the Shiba Inu, likely attributed to the possibility of a big move of the Pepe price, which reached a new historic high. As the story of SHIB and PEPE evolves in compliance, investors’ attention is turning to SHIB after the recent peak in price.
The chart below shows that the Shiba Inu price fell towards the end of May, accompanied by a drop in activity for pulls above $100,000.
However, the situation reversed in June as the SHIB price took off amid spikes in transaction activity, which peaked on June 6 at approximately 39 whale transactions out of the 18 transactions recorded on May 31. During this period, SHIB also increased by 5%.
Learn more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Crypto whales send JASMY 48% north
Elsewhere, there was a sharp rise in JASMY mentioned on social media this week as analysts speculate on a massive move in the price of 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.
Learn more: What is JasmyCoin (JASMY)?
ADA, SHIB and JASMY could rally on rising Bitcoin prices
In the meantime, Bitcoin Price continues to show strength, trading at $71,162 at the time of writing. Data from on-chain aggregator IntoTheBlock gives some interesting insights. At current prices, 98.375% of BTC Holders there are unrealized profits (in the money). This is relative to the 0.13%, which is based on unrealized losses (out of the money).
The chances of Bitcoin profits turning into altcoins exist and could launch a altcoin season. With recent whale activity, ADA, SHIB, and JASMY could be positioned for more gains as whales identify them among their top picks.
Learn more: Bitcoin (BTC) Price Prediction 2024/2025/2030
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