The cryptocurrency landscape is never dull, especially when whale movements start begin making waves. Cardano (ADA-USD), often in the shadow of its bigger blockchain brethren, is now seeing significant action that could foreshadow a major market shift. According to recent insights from on-chain analytics firms IntoTheBlock and Santiment there’s been a noticeable uptick in whale activity within the Cardano ecosystem.
Let’s talk numbers—to that Cardano whales have been busy would be an understatement. Just how busy? Nearly $14 billion worth of ADA daily over the past week. This activity cumulates to nearly $100 billion in transactions during this period. To put the size of and number of these transactions into perspective, $100 billion is:
- 500% more than Litecoin (LTC-USD)
- 1,600% more than Dogecoin (DOGE-USD)
- 1/3 of Bitcoin’s (BTC-USD)
Why the Frenzy?
The reason behind this flurry of activity could be savvy whales capitalizing on Cardano’s recent price dips. Additionally, Cardano’s final governance update is not far away. When that occurs, Cardano will be the first truly decentralized blockchain without a handful of whales having de facto control of the network.
With ADA’s value shedding over 11% in the last week alone, investors are stocking up, betting on a bullish reversal. This isn’t just speculative; historical data from on-chain analytics firms such as Santiment, Glassnode, Messari, and IntoTheBlock support the theory that spikes in whale transactions tend to precede price recoveries.
On-chain Analysis
Various on-chain metrics flashing green further bolster the bullish sentiment—IntoTheBlock’s Concentration and Bid-Ask Volume Imbalance metric signal positive momentum. Similarly, Coinglass’s Spent Out Profit Ratio (SOPR), which measures whether sellers are in profit or loss, indicates that bulls are likely to take over soon.
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