There is a marked increase in Cardano (ADA) whale transactions. Does this bottom mean dominant? ADA whale transactions, ranked 7th in terms of market capitalization, recorded a modest increase. The details are now cryptocoin.com‘in.
Whale movements in Cardano (ADA)
According to IntotheBlock analytics, Cardano has seen a slight 3% increase in “large” transactions. As of writing, ADA in crypto markets was changing hands at $1.19, down 7.16% in the last 24 hours. “Large transactions” tracked by IntoTheBlock means around 100,000 or more transactions. IntoThe Block analyzes give Cardano’s current whale concentration at 6%. This could indicate that the few wealthiest ADA holders control a large chunk of the entire Cardano supply.
Therefore, the activity of whales could be quite significant for the ADA token. Cardano is the 7th largest with a current market capitalization of $41 billion. ADA has fallen steadily after hitting $2.90 on Sept. 2. Cardano (ADA)’s several-month declines have pushed the daily RSI, a momentum indicator, into the oversold territory.
Additionally, Cardano’s price drop has also led to what appears to be an “accumulation area”. Whales are known to dominate during periods of decline or macro consolidation 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 led the day-to-day development activities.
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