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Cardano Sees Slight Increase in Whale Transactions, Is This a Swoop on the Dip?

Fri, 12/17/2021 - 15:47
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Tomiwabold Olajide
Cardano whale transactions record a modest increase
Cardano Sees Slight Increase in Whale Transactions, Is This a Swoop on the Dip?
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Cardano is seeing a slight 3% increase in ''large'' transactions, according to IntotheBlock analytics. As of press time, Cardano was exchanging hands at $1.19, down 7.16% in the last 24 hours. "Large transactions" tracked by IntoTheBlock refer to transactions around 100,000 or more.

IntoThe Block analytics give Cardano's present whale concentration as 6%. This might suggest that a small number of the richest ADA holders control a huge amount of the entire Cardano supply.

IntoTheBlock Metrics
Source: IntoTheBlock

Therefore, whales' activity may be quite significant for ADA token. Cardano ranks 7th largest with a present market capitalization of $41 billion.

A swoop on the dip?

Cardano (ADA) has steadily declined after topping out at $2.90 on Sep. 2. ADA's multi-month declines pushed its daily RSI, a momentum indicator, into oversold territory.

In addition, ADA's price drop also led to what seems to be an "accumulation area." Whales have been known to swoop in during periods of dips or macroconsolidation so as to buy their favorite tokens at a discount. Development activity continues on the Cardano blockchain.

On-chain analytics firm Santiment noted that Solana, Polkadot and Cardano lead the way in daily development activity.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.