Cardano continues to register a spike in whale activity as daily transactions exceeding $100,000 reach its highest amount since November 2023.
Cardano (ADA) has been experiencing a surge in whale activities in recent times. This is reflected in recent data from top blockchain analytics platform Santiment.
Cardano Whale Transaction Reaches Its Highest Point Since November
On April 29, Cardano-related transactions exceeding $100K worth of ADA skyrocketed to its highest amount, surpassing the previous record registered on November 8, 2023.
The chart attached to the tweet shows that the Cardano network saw 1,776 transactions on April 29, each valued at over $100,000, marking the highest count since November 8 (nearly six months ago).
Whales Show Strong Interest in ADA Amid Price Dip
The development comes amid a massive slump in crypto prices, including ADA. Notably, Santiment shed light on ADA’s price dip over the past month. Santiment pointed out that ADA’s valuation had plunged 43% since March 13, when its market cap surpassed $28 billion.
Interestingly, whales saw the price dip as an opportunity to initiate large ADA transactions. As reported earlier, crypto analytic platform IntoTheBlock also made a similar observation.
According to IntoTheBlock, large transactions surpassing $100,000 skyrocketed to a daily average of $13.84 billion in the past week.
For context, the volume of large transactions registered on Cardano over the past week represents a third of Bitcoin’s trading volume within the same period. Moreover, the figure exceeded Litecoin and Dogecoin volumes within the same timeframe by 5X and 16X, respectively.
Commenting on the significance of Cardano’s whale activity, Santiment noted that the milestone, combined with the substantial decline in ADA’s valuation, may indicate potential price reversals in the near future.
🐳💥 #Cardano's whale transactions exceeding $100K in value has exploded to the highest amount since November 8th. These spikes in whale activity historically correlate with potential price reversals. $ADA's market cap has shrunk -43% since March 13th. https://t.co/alFMlZ9Kns pic.twitter.com/pN21IzS0ST
— Santiment (@santimentfeed) April 29, 2024
In the meantime, ADA has witnessed an intraday decline of 4.92% and a seven-day dip of 16.3%. The 10th-largest cryptocurrency has also plunged 33.7% over the past month.
While many would expect investors to scamper for safety, whales have been active on Cardano, as seen in the remarkable surge in transactions exceeding $100,000.
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