Crypto Whales Are Buying These 3 Altcoins This Week

5 months ago 1

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On-chain data shows that this week crypto whales were increasingly buying three altcoins: ADA, SHIB, and JASMY. Compared to the usual 2024 averages, there has been a significant rise in transactions exceeding $100,000.

These activities among large holders could impact the prices of tokens, suggesting that whales may have access to non-public information.

Cardano Holders Accumulate ADA Below $0.5

Santiment data shows a surge in transactions above $100,000 on the Cardano network as whales buy ADA below $0.5. The chart below shows a lull in transactions towards the close of May, recording around five before the uptick in June. With it, the ADA price is up 6% since May 31.

In 2023. the US Securities and Exchange Commission (SEC) suggested that ETH, ADA, and other tokens might be classified as securities. However, the recent approval of Ethereum spot ETFs alleviated fears surrounding ETH, easing concerns about the financial regulator targeting other assets. This reduced uncertainty over ADA’s status as a security likely inspired the increased activity among large holders.

SHIB Is Getting Attention Again

Whales have also shown interest in Shiba Inu, likely attributed to the possibility of a big move in the Pepe price, which soared to a new all-time high. With SHIB and PEPE’s history moving in conformity, investors’ focus turns to SHIB after Pepe’s recent peak in price.

The chart below shows that Shiba Inu’s price dropped towards the end of May, accompanied by waning activity for tractions above $100,000.

However, the tables turned in June, with the SHIB price taking off amid spikes in transaction activities, which climaxed on June 6 at around 39 whale transactions from the 18 transactions recorded on May 31. During this time, SHIB was also up 5%.

Crypto Whales Send JASMY 48% North

Elsewhere, there has been a surge in JASMY mentions on social media this week as analysts speculate a massive move in the JasmyCoin price. Unsurprisingly, the token is up 48% since May 31, with technical indicators suggesting a further upside. The token is only a fraction below its all-time high of $0.0425, as recorded on Tuesday.

The outlook for JASMY was the same as that for ADA and SHIB, with whale transactions doubling to around 8 in June from around 3 in May.

Read more: What Is JasmyCoin (JASMY)?

ADA, SHIB, JASMY Could Rally on Bitcoin Price Gains

Meanwhile, Bitcoin price continues to show strength, trading at $71,162 at the time of writing. Data from the on-chain aggregator IntoTheBlock gives interesting insights. At current BTC prices, 98.375 of BTC holders are sitting unrealized profits (in the money). This is relative to the abysmal 0.13%, who are sitting on unrealized losses (out of the money).

The chances of profits from Bitcoin rotating into altcoins exist and could kickstart an altcoin season. With the recent activity among whales, ADA, SHIB, and JASMY may be positioned for more gains as whales identify them among their top picks.