Cardano Whale Transactions Reached A 4 Month High As Major Investors Buy The Dip

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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). ADA News: #Cardano whale transactions hit a 4-month high as large players buy the dip✌😁🐳 https://t.co/VBahDfK7ce — One Community ADA (1COMM) (@OneCommunityAda) May 14, 2022 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.

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Time Stamp: May 14, 2022