Santiment on-chain data provider has drawn the attention of its followers to a surge in the amount of whale transactions on the Cardano blockchain.
In a recent tweet, the Santiment team of analysts shared that on Friday ADA got a bounce of nearly 6 percent, while the amount of large whale transfers started rising on Cardano chain.
Santiment believes that these transactions were whales accumulating Cardano’s native coin on the dip, provoking the price rise.
?? #Cardano got a small bounce 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. https://t.co/jLJbfC1BI7 pic.twitter.com/YPaYJfgmiD— Santiment (@santimentfeed) June 3, 2022
Earlier this week, U.Today reported that a milestone was reached by Cardano when the amount of NFTs issued on this blockchain exceeded 5 million. Simultaneously, the price of ADA went up roughly 12 percent.