- Whales are waking up, and on-chain data signals a trend in Cardano (ADA)
According to cryptocurrency expert Ali, Cardano (ADA), the seventh-largest cryptocurrency, is seeing a growing on-chain trend. According to a graphic he uploaded, Cardano’s most recent transactions have shown a rising trend since the beginning of 2023.
He pointed out that the number of significant ADA transactions on the Cardano network that exceeded $100,000 was increasing.
“This trend shows institutional investors’ and ADA whales’ rising engagement, illuminating their investment philosophies,” Ali continued.
According to IntoTheBlock, “large transactions” are over $100,000. These transactions frequently operate as a stand-in for the behavior of whales. This group of holders may have bought or sold a considerable quantity, which would cause this statistic to go up.
Whales, or large holders, frequently profit from market declines or times of consolidation to buy more assets at a discount.
As of this writing, the most recent market selling wave has caused losses for several cryptocurrencies.
According to CoinMarketCap data, Cardano (ADA) was down 3.52% over the past 24 hours to $0.324.
Cardano was among the most-purchased assets by the most BSC whales during the previous 24 hours, according to WhaleStats.
source:
https://u.today/cardano-ada-whales-waking-up-on-chain-data-signals-trend
