Blockchain News

Cardano ($ADA) and Shiba Inu ($SHIB) Whale Transactions Surge in Move ‘Associated With Price Shifts’

The amount of massive whale transactions on the networks of popular smart contract platform Cardano ($ADA) and meem-inspired cryptocurrency Shiba Inu ($SHIB) has increased, which has been “historically correlated with price swings.”

According to on-chain analytics firm Santiment, Cardano, Shiba In, and the contentious $HEX token have all witnessed “significant surges in massive whale transactions,” with transactions above $100,000 reaching all-time highs for all three digital assets.

These massive whale trades are taking place in the context of a broader cryptocurrency market rebound, with the flagship cryptocurrency Bitcoin ($BTC) seeing its best January in a decade after surging more than 40% in a month.

Santiment reported in a subsequent tweet that the number of whales on the Cardano network had “significantly broken out,” with addresses owning between 1 million and 100 million tokens increasing by 36 since the beginning of the year, and transactions over $100,000 increasing as well.

According to CryptoGlobe, the total value locked on Cardano’s decentralized finance sector has more than quadrupled this year, with over $100 million secured on DeFi protocols on the network.

The total value locked on the Cardano network began in 2023 at roughly $49 million and has since risen to almost $104 million. The increase may be credited in part to Cardano’s price appreciation, as the cryptocurrency rose from approximately $0.25 at the start of the year to over $0.39 at the time of writing.

The number of locked $ADA on the network skyrocketed quickly after the debut of Djed ($DJED), a formally confirmed algorithmic stablecoin for Cardano backed by cryptocurrency.

The stablecoin was created by IOG, the firm behind the creation of Cardano, and it is issued by COTI Group. The stablecoin was first announced in September 2021 and became live earlier this month.

Shiba Inu has seen significant accumulation among Ethereum ($ETH) whales, with the top 5,000 currently holding a vast amount of SHIB tokens worth $708,456,318. SHIB is the greatest non-ETH ownership among Ethereum whales, according to this astonishing number.


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