Analytics platform Santiment says whale activity is soaring on the Cardano (ADA) blockchain as the token continues to consolidate.
Santiment says a spike in Cardano whale activity started at the beginning of the month with daily transactions increasing by more than 460% compared to the previous month.
“The amount of whale transactions happening on the ADA has seen a massive since the start of February. There is suddenly an average of approximately 1,700 transactions per day valued at $100,000 or more. This is an enormous uptick from the approximate 300 $100,000+ transactions per day that were happening throughout January.
Santiment also notes that key Cardano stakeholders are heavily accumulating the eighth-largest crypto by market cap.
“Since the FTX collapse on November 9th, whale and shark addresses holding 10,000 to 10 million ADA have accumulated 659.53 million ADA, which equates to $235.5 million. This turnaround coming from the key stakeholders of Cardano is a nice sign.”
However, Santiment says not all data is making a strong case for ADA. The number of unique daily addresses interacting with the smart contract platform has seen a sharp decline of 27%.
“We saw some very encouraging rises in the amount of unique daily addresses interacting on the ADA network. But after seeing 85,000 addresses moving Cardano on a daily basis back in November, the number has sunk to about 62,000 addresses per day now.”
Cardano is worth $0.386 at time of writing, up over 8% in the last 24 hours.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
