Cardano whale transactions record a modest increase
Cardano sees a slight increase of 3% in “large” transactions, according to analysis by IntotheBlock. As of going to press, Cardano was trading hands at $ 1.19, down 7.16% in the past 24 hours. The “large transactions” tracked by IntoTheBlock refers to transactions of approximately 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.
Therefore, whale activity can be quite significant for the ADA token. Cardano ranks 7th with a current market cap 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, the decline in ADA prices has also led to what appears to be an “accumulation zone”. Whales have been known to scurry around during times of troughs or macroconsolidation to purchase 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.
