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Cardano Whale Transaction Volume Soars – ADA Price Direction Change Likely, Santiment Says

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Sat, 05/14/2022 - 08:28
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Yuri Molchan
Recent report shows that ADA transaction volume fueled by whales has greatly increased as of late
Cardano Whale Transaction Volume Soars – ADA Price Direction Change Likely, Santiment Says
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On May 12, Santiment analytics team noticed a spike in whale transactions on Cardano chain, while the price dipped to the $0.40 level. The tweet even specified the times when this rise in transaction volume occurred – between 8 a.m. and 12 p.m.

Santiment stressed that whale transaction spikes like these are often followed by ADA price reversal.

By now, the top 7 coin ADA is trading at $0.5301 after recovering to the $0.6 zone from $0.4. At the moment, ADA is 82.72 percent below its historic peak of $3.10 reached on September 2.

This year, on January 18, the coin managed to rise a high of $1.6.

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BSC whales holding 30.8 million ADA

As covered by U.Today earlier this week, some of the largest whales on the BNB Chain are holding roughly 30.8 million ADA coins (on BCS) in their portfolios.

The addresses of “whales” contain a $886,582 worth of various cryptocurrencies on average.

This suggests that these BSC investors have been accumulating ADA actively as of late.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.