Cardano (ADA) witnessed a significant surge in whale transactions exceeding $100K on April 29th. The transactions on that day amounted to 1,776, marking the highest daily count since November 8th, 2023.
Historically, such spikes in whale activity have correlated with potential price reversals, indicating possible shifts in market sentiment. However, this hasnt been the case so far as the market has bled out.
#Cardanos 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. $ADAs market cap has shrunk -43% since March 13th. https://t.co/alFMlZ9Kns pic.twitter.com/pN21IzS0ST
According to Santiments latest analysis, this increase in large transactions suggests heightened interest and activity among influential investors.
Additionally, Cardanos market cap has seen a notable decrease of 43% since March 13th, indicating a noteworthy decline in its valuation over the past few weeks.
A similar observation was made by another crypto analytic firm, Intotheblock, which highlighted that Cardano whales have been noticeably active, with an average large transaction volume of $13.84 billion per day over the past 7 days.
This figure, when compared, essentially points to the increased engagement within the Cardano ecosystem. To put it into perspective, this volume is about a third of Bitcoins current volume, more than five times Litecoins volume, and over sixteen times that of Dogecoin.
The whale activity comes in the backdrop of a sell-off that dragged ADAs price down by more than 5% to $0.429 at the time of writing.
Despite the correction, Cardano remains one of the top projects with strong GitHub activity among leading Layer 1 blockchain networks.