As per the on-chain analytic firm, Santiment Investors gravitated toward SHIB Inu, Cardano, and Hex crypto gems
Amid risk-on sentiment, Cryptomarkets are still enjoying the bull run that started at the beginning of 2023. The market cap has soared over 37% since then. After a dry run in 2022, investors are reaping some returns as many altcoins outperform the significant crypto assets.
In a recent development, an on-chain analytics firm Santiment reported that Cardano (ADA) reported its most considerable daily amount of $100k+ transactions since November 2022 in January 2023.
Whale activity hints at probable price correction
More than $100k movement indicates a price shift in the asset. As can be seen in the above chart, Cardano saw the biggest activity with a 1916 transaction count, which is more than $100k.
Cardano (ADA) surged 58% in the last 30 days
From a technical perspective, the Cardano (ADA) price, the eighth-largest cryptocurrency surged nearly 59% since the beginning of 2023. The price moved higher from the low of $0.24 to the recent high of $0.41. The move is majorly sponsored by the heavy accumulation of Cardano investors to the amount of 405.85 million ADA, worth $162.34 million as per Santiment.
SHIB Inu (SHIB) appreciated nearly 78% since January
Shiba Inu (SHIB) is the second-largest meme coin, which made investors wealthy by 79% from the start of 2023 till now. The whale transaction does not necessarily mean a price correction. But volatility can not be ruled out.
At the time of writing, SHIB is worth $0.000014. However, the technical formation on the 4-hour chart indicates a price reversal. The price faces pressure near $0.000015. A break below the 21-day Exponential Moving Average (EMA) at $0.00001397 could see more downside.
