Whales Take Action For 3 Altcoins
Cryptocurrency markets are seeing increases in the trading activity of large investors on some altcoins. The high volume of SHIB token transactions that were moved to Coinbase in the last 24 hours, the increase in activity in the Cardano market, and the sharp increase in the transaction volume of the popular altcoin Arbitrum (ARB) in recent days are some of them.
According to Blockchain data, it was reported that a total of $65.44 million SHIB was sent from 3 anonymous wallets to one of Coinbase’s wallets. While there is no clear understanding of the reason for SHIB transfers, a cryptocurrency transfer to a major exchange is generally considered a selling pressure for the asset.
While SHIB witnessed volatile movements over the weekend, the cryptocurrency, which first rose close to 7%, fell as low as $0.00001078, giving back its gains with a decline of 8%. At the beginning of the week, the decline continued and after SHIB dropped to $0.00001048, buying from the lower zone was seen to accelerate in the last hour.
$ 0.4 remains an important obstacle for Cardano (ADA), which has reached a 60% increase in value in 2023. IntoTheBlock data reports that major investors holding between 1 million and 10 million Cardano in their portfolio received 150 million ADA, worth $57 million, in March. This is interpreted by some experts as major investors struggling to break the $0.4 resistance. Another reason for the current rise in activity can be attributed to the implementation of a project that will make the Cardano Blockchain network the largest EVM. According to recent developments, Milkomeda, a network that connects other blockchain platforms to EVM contracts, announced last week that in April Cardano users will be able to directly access Ethereum smart contracts through EVM contracts.
After testing $0.4 last week, ADA has slumped close to 5% over the weekend, dropping as low as $0.37. However, with the effect of investors who considered the partial decline as a buying opportunity, ADA stepped into the $ 0.4 band again.
Blockchain analytics platform Lookonchain reported that major investors have increased trading volumes of cryptocurrencies by increasing ARB trading in recent days. The Ethereum layer-2 network has been on the crypto agenda for a while, recently airdropping ARB assets after the decision to issue crypto assets by adopting the DAO governance model. ARB’s last 24-hour trading volume reached $1.1 million after an increase of over 70%. With a market capitalization of $1.5 billion today, ARB is currently the 38th largest cryptocurrency.
Arbitrum’s local presence, ARB, saw a pullback of 15% over the weekend trading after some problems with the initial voting in the DAO. ARB, which regressed to the bottom zone at $ 1.13, returned to the $ 1.2 band with partial purchases at the beginning of the week.
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