Although the quick decline of Bitcoin and other top cryptocurrencies like Cardano (ADA) appears to have paused, it appears that large-scale investors, also known as whales, have taken advantage of the sinking market to increase their token holdings, particularly in Cardano (ADA).
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:
Between 8 a.m. and 12 p.m. UTC, Cardano’s whales revealed a frenzy of trades as prices were bottoming out at $0.40. These increases have frequently signaled price direction changes for $ADA, and we’re keeping a careful eye on any new whale activity.”
As previously stated, a surge of whale purchases has historically signaled the largest price movements for the Defi asset. 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 hard fork is slated for June with the goal of upgrading the protocol and considerably enhancing transaction throughput, volume, and liquidity.
With a market cap of $18.4 billion, Cardano is up 19.26% in the past 24 hours and down 30.53 percent in the previous week, with a market cap of $4.3 billion higher than the $13.97 billion it had when it bottomed out around $0.40.
Also Read: In a month, Cardano Welcomed New 400 Projects and 100,000 Wallets
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