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May 14, 2022
by Usha Yadav
Cardano Whale Transactions Reached a 4 Month High as Major Investors Buy the Dip
Although the quick decline of Bitcoin and other top cryptocurrencies like Cardano (ADA) appears to have paused, large-scale investors, also known as whales, have taken advantage of the sinking market to increase their token holdings, particularly in Cardano (ADA).
Indeed, according to data released on May 13 by the on-chain and social analytics platform Santiment, Cardano whales were the most active since January, when the ADA price hit a low of $0.40 on May 12.
ADA, for example, saw 1,085 transactions worth more than $100,000; Santiment tweeted:
"Cardano's whales showed a flurry of transactions yesterday as prices were bottoming out to $0.40, between 8 am and 12 pm UTC. These spikes have very commonly indicated price direction changes for $ADA, and we're monitoring further whale activity closely."
Following a seven-month period in which whales dumped 1.7 million tokens, the data revealed that Cardano whale addresses with 1 to 10 million ADA had added 196 million additional ADA to their wallets in the previous five weeks.
Whales may anticipate a boost in the Cardano price. The Vasil hardfork is slated for June to upgrade the protocol and considerably enhance transaction throughput, volume, and liquidity.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.