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Santiment analytics platform highlighted the rise of whale-tier transactions on two polarizing assets, Shiba Inu and Cardano. When large transactions worth $100,000 or more start to spike on a network, it historically signifies upcoming price shifts, and these moves should be closely monitored.
Shiba Inu, the meme token, has recently seen a massive price spike, gaining over 20% to its value in just a few days. While the solid price spike was followed by some reversal signals, like a bearish RSI divergence, the rise in large transactions on its network should not be ignored.
🐳 Three of the more polarizing assets in #crypto, #Cardano, #ShibaInu, and #Hex, are seeing big spikes in large whale transactions. When $100k+ transactions spike on a network, it historically is associated with upcoming price shifts. Monitor closely. 👀 https://t.co/KG0mTWH11y pic.twitter.com/PHI9NOaxbn
— Santiment (@santimentfeed) February 5, 2023
On the other hand, Cardano has been steadily moving upward but has not quite gained the same traction as Shiba Inu. Despite the rise of large transactions on its network and the recent launch of DJED stablecoin, Cardano has yet to see the same level of excitement as its counterpart. However, the surge in whale-tier transactions could indicate that Cardano is set to gain some momentum in the near future.
It is important to note that such large transactions could also be a sign of major investors taking profits or making big moves on the market. As the crypto market recovery continues, it is essential to keep an eye on these indicators and make informed decisions based on the available information instead of following the FOMO.
The rise of whale-tier transactions on Shiba Inu and Cardano should not be disregarded, as it could indicate a potential shift in the market, and investors should closely monitor movements on whale addresses, especially during pivotal periods on the market.
At press time, SHIB is trading at $0.0000146, while ADA is changing hands at $0.39.
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