Although the swift decline of Bitcoin and other top cryptocurrencies like Cardano appears to have paused, it appears that large-scale investors, also known as whales, have taken advantage of the declining market to increase their token holdings, particularly in Cardano.
Indeed, according to data released on May 13 by the on-chain and social analytics platform Santiment, Cardano whales were the most active they’d been 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.”
As previously stated, a surge of whale purchases has historically signaled the largest price movements for the DeFi asset. It was reported signs of Cardano whales accumulating after a 7-month dumping frenzy just over a week ago.
Following a seven-month period in which whales dumped a total of 1.7 million tokens, the data revealed that Cardano whale addresses with 1 to 10 million ADA have been adding 196 million additional ADA to their wallets in the previous five weeks.
Whales may be anticipating a boost in the Cardano price, given that the Vasil hardfork is planned for June with the objective of upgrading the protocol and considerably enhancing transaction throughput, volume, and liquidity.
According to Coincu data, Cardano is currently trading at $0.545, up 19.26% in the last 24 hours and down 30.53% over the last week, with a market valuation of $18.4 billion, up $4.3 billion from the $13.97 billion it had when it bottomed out around $0.40 on May 12.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews