Cardano is currently witnessing a significant increase in whale activity, as daily transactions surpassing $100,000 reach their highest level since November 2023.
Recent data from leading blockchain analytics platform Santiment confirms the surge in whale activities for Cardano (ADA). On April 29, transactions involving Cardano worth over $100,000 reached their peak, surpassing the previous record set on November 8, 2023.
The accompanying chart in the tweet reveals that the Cardano network recorded 1,776 transactions on April 29, each valued at more than $100,000. This marks the highest number of such transactions since November 8, approximately six months ago.
Interestingly, this surge in whale activity comes at a time when the cryptocurrency market, including ADA, is experiencing a significant downturn. Santiment highlights ADA’s price decline over the past month, noting that its valuation has dropped by 43% since March 13, when its market cap exceeded $28 billion.
Despite this price dip, whales have seized the opportunity to engage in large ADA transactions. This observation aligns with the findings of crypto analytics platform IntoTheBlock, which also reported a surge in transactions surpassing $100,000, with a daily average of $13.84 billion in the past week.
To put this into perspective, the volume of large transactions on Cardano over the past week accounts for one-third of Bitcoin’s trading volume during the same period. Furthermore, it surpasses the volumes of Litecoin and Dogecoin by 5X and 16X respectively, within the same timeframe.
Santiment highlights the significance of Cardano’s whale activity, suggesting that it, combined with the substantial decline in ADA’s valuation, could indicate potential price reversals in the near future.
Meanwhile, ADA has witnessed a 4.92% decline in a single day and a 16.3% dip over the past seven days. Over the course of the past month, the cryptocurrency has plummeted by 33.7%.
While one might expect investors to seek safety during this period, whales have remained active on Cardano, as evident from the remarkable increase in transactions exceeding $100,000.
Disclaimer: This article is meant for informational purposes only and should not be considered financial advice. The views expressed in this article may reflect the author’s personal opinions and do not necessarily represent the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.