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HomeCrypto NewsMarketData Shows 160 Whales Purchased Cardano (ADA) Worth Above $100,000 Each In...

Data Shows 160 Whales Purchased Cardano (ADA) Worth Above $100,000 Each In 6 Hours, Will It Affect Price?

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Cardano Whales pushed ADA to become the sixth-largest crypto again after being overtaken by Ripple.

For most of yesterday, Cardano (ADA) traded below $0.55 as the global cryptocurrency market winter continues. The low price of ADA also resulted in a plunge in its market capitalization from above $20 billion to around $18.3 billion yesterday.

Following the massive decline in ADA’s market valuation, the cryptocurrency was quickly overthrown by Ripple (XRP) to become the sixth-largest cryptocurrency by market cap, while Cardano slumped to the seventh position.

Although there was not much difference in value between the two cryptocurrencies, it was not clear how ADA intended to reclaim the position of the sixth-largest digital currency.

Cardano Whales Came to the Rescue 

Interestingly, when it seemed ADA would have to go back to the seventh position it has seated for the past few weeks, Cardano whales came to the rescue as they embarked on a massive accumulation of the cryptocurrency.

According to data shared by Santiment, an on-chain cryptocurrency data provider, nearly 160 whale purchases worth over $100,000 each were recorded in the second half of yesterday. The transactions occurred in just six hours on Friday.

Santiment writes: “ADA Spiked to about 160 $100K plus transactions over the span of 6 hours on Friday.”

Following the massive whale accumulation of the Cardano, the price of the cryptocurrency surged to above $0.57, while its market capitalization also increased to above $19 billion. The event also helped Cardano overthrow Ripple again to become the sixth-largest cryptocurrency by market cap.

Will ADA Soar Amid Whale Accumulation?

Meanwhile, Santiment noted that the last time whales embarked on a widespread ADA accumulation when the coin’s price was falling, ADA surged more than 28% within 18 hours.

“Cardano got a small bounce in the second half of Friday trading after large whale transaction counts began to appear on the $ADA network. An extreme example of the last time whales accumulated on a downswing, prices jumped +28% in the span of 18 hours,” Santiment reports.

ada 160 transaction above $100K

Image source: Santiment

However, it does not seem like it would be the case this time, as ADA has retraced a bit from $0.57 to $0.56. ADA is down 4.2% in the last 24 hours like other cryptocurrencies.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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